Some 45 per cent of letting agents expect average rents in prime central London to rise over the course of 2015 according to Lonres - but that figure is significantly lower than the 65 per cent of agents who forecast an increase just three months earlier.
The latest Lonres residential review shows that there has been an increase in average weekly rent of 7.4 per in the year to the end of March. But slightly over a third of agents report a fall in demand over the first quarter of 2015 while 50 per cent claim that there has been more negotiation by tenants over the rent levels they will be prepared to pay.
“Our agent survey results are faily muted, suggesting demand is falling and that viewing and applicant numbers are down. At the same time, supply has increased” says Lonres.
“The lettings market is more buoyant than the sales market but even here there is an underlying caution among agents”.
Most of the survey was conducted well before the general election.
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Can they rise any higher? There will be no-one left in London, other than the super-rich, if things carry on the way they've been going.
Little surprise that landlords and BTL investors are heading out from the city to commuter town elsewhere. Cheaper property, better rental yields. Win win. And, with less pollution and crime, a much better quality of life. Another win.
According to the Evening Standard, the Qatari royal family just bought a six-storey house in Mayfair for a cool £40m. Alright some, eh?
I think the PCL will be alright for a while yet, both from a lettings and sales perspective.
Don't know about the PCL, but the East London market is certainly thriving! Long may it continue.
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