August performance marks 'vote of confidence' for London lettings

A London agency has reported that its lettings revenues increased by a fifth during August.

ludlowthompson's lettings revenue increased by 20% year-on-year last month, which it says shows a vote of confidence in the London rental market since June's Brexit vote.

Of the transactions agreed by ludlowthompson in August, two-thirds were new lettings - which the agency says indicates a large influx of both UK and international students ahead of the new academic year.

Contract renewals made up for the firm's remaining third of lettings business. It says tenants already in the Private Rented Sector continue to opt for 'longer term lets'.

"August’s performance is a really positive sign that the UK economy has not shown signs of slowing down, despite fears that this might be the case following the Brexit vote in June,” says Stephen Ludlow, chairman of ludlowthompson.

“Those moving to London are likely to be either recent graduates getting ready to start their new jobs in the City or students coming to London for the world class education available to them here,” he says.

“August’s figures are a sign that London has continued to attract top talent – whether professional or academic – and, of equal importance, that there is an appetite to receive them.”

The firm, which now has ten branches across the capital, says it has conducted over 40,000 tenancies and 120,000 home moves in the 23 years since it was founded.