High end lettings agency Harrods Estates says it has seen a 10 per cent rise in tenancy renewals in the Knightsbridge area over the past year.

The statistic is contained in a report claiming that the agency has seen a 78 per cent increase in lettings transactions over the past 12 months in Knightsbridge. 

The highest spike was through the summer months between last May and September. 

Agency lettings director Sarah McIntyre says: “These statistics continue to demonstrate people are veering towards renting rather than buying – which has been affected largely by political uncertainty and high stamp duty charges.”

She continues: “One client paid 10 per cent over the asking price for a duplex apartment in SW1X, further demonstrating that rental demand is at a high in prime central London for the ‘right’ property. It is particularly prominent for newly refurbished and best in class properties.

The agency says it’s also noticed a trend towards ‘try before you buy’ with prospective purchasers initially renting a unit to see if it meets their requirements before proceeding with a transaction.