Knight Frank says the steep increases in rents seen in prime London recently are now calming down.
Rental values hit their low point in the first half of 2021 as the market was flooded with short-let properties due to staycation restrictions.
After reaching a peak in April, annual increases in June narrowed to 26.8 per cent in prime central London and 21 per cent in prime outer London.
Over the first six months of the year, rents rose 8.4 per cent in PCL and 7.4 per cent in POL, underlining how a large part of this annual increase took place in the second half of 2021.
The agency says supply is now picking up modestly in pockets of London but not to the extent that it is anything other than a landlord’s market.
More ‘accidental landlords’ are coming from the sales market as mortgage rates rise and prices peak. Meanwhile, there is a greater churn of lettings properties as tenants reassess their work/life balance and others move due to fast-rising rents.
As a result, the agent adds, the ratio of new prospective tenants to market valuation appraisals fell to 4.7 in June, which is lower than it was last summer.
Low supply has kept rental growth high - and it’s unlikely...
The rental sector bounce back in London and the Home Counties...
Rents in prime central London are down 4.8 per cent in...
A leading agency says the squeeze on tenants facing high rent...
It’s tempting to think that Michael Gove’s proposed clampdown on Airbnb-style...
Councils across England could make an additional £540m a year in...
The vast majority of negligence claims against conveyancers are for relatively...
You don’t have to simply accept things as they are when...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
Let's be honest – landlords are the lifeblood of any letting...
.png)
I think we can all agree that the National Trading Standards...
Houses in Multiple Occupation are making up an increasing percentage of...
A lettings agency has been expelled from The Property Ombudsman scheme...
The government has written to Conservative MPs promising changes to the...
There’s been at most a one per cent reduction in landlords...
Tenant groups and charities reacted angrily over the Easter weekend to...
The government has written to Conservative MPs promising changes to the...
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment