Data from Knight Frank’s lettings division suggests that rents in the troubled Prime Central London area have risen for the second month in a row - after 28 previous months of rents declining.
The agency says the number of lettings listings above £2,000 per week rose 0.5 per cent in the year to June compared to the previous 12 months.
This reversed a pattern of declines that occurred as more landlords listed their property for sale after tax changes - a reversal which the agency says may indicate pricing expectations for some were not met in the sales market.
Annual rental growth for PCL was 1.1 per cent in June.
This was the second successive month of growth following a 28-month run of declines. “Rental values have strengthened as supply has declined as more landlords explore a sale following tax changes” the agency says.
In prime areas of outer London, the number of tenancies agreed in the year to June was up 17 per cent, continuing a trend which began in October 2017.