Activity levels at the higher end of the rental market defied the seasonal slowdown that normally occurs in the run-up to Christmas, according to property agents W.A.Ellis, part of the JLL Group.
“It generally quietens down towards the end of October until early December when there is a flurry of activity from tenants wanting to settle before Christmas. However, we secured double the amount of lettings compared to the corresponding period last year,” said Lucy Morton, head of W.A.Ellis.
One notable group of lets were three apartments in the same building in Hans Crescent in central London, all with asking prices of over £2,000 per week, where the company managed to secure three tenancies all moving in before Christmas.
Morton continued: “We have also let a wonderful house in Eaton Terrace with an asking price of £3,750 per week, with strong interest in other houses proving the strength of the family market for this time of year.”
According to a recent Sunday Times report, tenants looking for homes at the higher end of the rental market within commuting distance of the City were benefitting from an excess of luxury rental property.
“The piece stated there had been an 81% rise in the number of super-prime rental properties [those with rents of £15,000 per month or more] coming to the market between July and September compared to the same quarter last year, with the glut a result of a combination of Brexit uncertainty and the impact of high stamp duty,” Morton added.