The State of Rents in Prime Central London
After 18 months of decline, rents in Prime Central London are easing upwards. The average rent in November was £573/week, up 3% year-on-year. It is tracing the levels seen in March last year prior to the introduction of the Additional Rate Stamp Duty. After the 3% stamp duty surcharge came into effect, owners chose to rent rather than sell, causing an increase in rental stock. According to our estate agent London, things are looking different now.
The number of rental units has fallen by almost 24% over a three-month period to balance demand and supply. Though rental prices are predictably inching upwards, driven by landlords’ intent to recoup taxation costs, renters show no signs of letting up and have been successful in negotiating lower rents. However, if stock dips further in the next few months, landlords will have the upper hand.
Tenants have made it clear that they prefer newly renovated pads. Size does not matter it seems, as demand for smaller, centrally located properties has been strong. If you’re looking for a freshly renovated pad that is easily commutable to your office or university, have a look at our properties for rent in Bloomsbury.
Estate agent in London
If you would like to speak with a London Estate Agent please call a member of the Greater London Properties Team who would be delighted to help. We specialize in Residential Sales and Lettings plus Commercial Offices and Retail. Our branches are based in our Soho and Bloomsbury the team are always on hand to discuss property in Central London.
Call Greater London Properties, Estate Agent London today on 0207 113 1066.