The supply of lettings property has begun to increase in higher price brackets in prime central London, leading rents to fall 0.5 per cent in the year to July according to Knight Frank.
The agency says some landlords who listed their property for sale in response to tax changes have returned to the lettings market after failing to achieve their asking price.
It adds that ratio of new prospective tenants to new lettings listings rose to 6.8 in the second quarter of 2019: the figure was the highest it has been in more than 10 years and suggests rental values are unlikely to decline by any meaningful amount in the short-term.
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