Knight Frank has released its latest rental market summary for London, and it paints a mixed picture.
Firstly the number of properties in London valued by Knight Frank for prospective listing on the lettings market reached its lowest monthly total in more than eight years in December.
The number of new lettings listings in prime central London declined 7.7 per cent in 2019 compared to 2018, while in prime outer London, the decrease was 14.4 per cent.
“Demand in the sales market has picked up following the general election and the figure suggests more owners may attempt to sell, putting further upwards pressure on rental values” explains Tom Bill, the agency’s London research chief.
Supply levels have declined in response to tax changes, which may be accelerated by rising activity in the sales market, he adds.
Meanwhile the number of new prospective tenants for properties valued between £1,000 and £4,000 per week increased 22 per cent in 2019.
Bill adds: “Demand in this section of the market typically comes from senior executives and the uptick suggests growing confidence among businesses despite lingering Brexit related uncertainty.”