The Prime Central London lettings market continues to see rents rise as stock levels remain low, says property consultancy JLL.
The low supply is particularly acute for smaller one- and two-bedroom flats.
JLL says PCL rents rose 2.0 per cent in Q2 2022 compared with the previous quarter, and are now 14.4 per cent higher than they were a year ago.
Rents in PCL are now 5.1 per cent higher than they were pre-pandemic in Q1 2020
The consultancy says new applicants have fallen back in Q2 2022, with 15 per cent fewer registrations compared with Q2 2021, suggesting the market could begin to see supply and demand become more balanced in the second half of the year.
“The PCL lettings market continues to see rents rise, as prospective tenants outnumber available properties” explains the director of UK Residential Research at JLL, Marcus Dixon.
“Applicant levels are settling, with 15 per cent fewer prospective tenants registering in Q2 this year compared with last, meaning we could see more balance between supply and demand across the PCL market in the coming months.”
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