The sales market in London continues to wreak havoc with agencies, as yesterday’s Foxtons story revealed, but one lettings agency is reporting a very different picture for the rental sector.
Harrods Estates says its November lettings market performance was literally record-breaking - 500 per cent higher than the same month in 2018.
Sarah McIntyre, Harrods’ director of lettings, says: “We are seeing current tenants of our clients’ properties renew their contracts, often for long-term lets of up to three years - particularly at the super prime end of the market.
“We have seen tenants prepared to pay up to £5900 per week for a three bedroom apartment in Prime Central London, in areas such as Mayfair, Knightsbridge and Belgravia with many clients from the Middle East and Russia keen to have a home here.”
She says that although many factors contribute to the current healthy rental market, London’s resilience as a world class city for business and families is a key element.
“At a time when we have seen unprecedented Government uncertainty - under the cloud of Brexit and the General Election. Whatever the outcome of the General Election, it appears that faith in the capital remains and our long-term tenants are keen be at the heart of Prime Central London.”