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New central London tenancies rose significantly in Q2

Take up of new rental tenancies in prime central London in the second quarter of this year was up 27.7% compared with the corresponding period last year, according to Strutt & Parker.

However, the take-up of new rental tenancies remains low by historic standards, and is down 16.1% on the five-year average for the second quarter.

The agency forecasts that letting prices in prime central London will remain broadly unchanged this year due to substantial economic and political uncertainty, before potentially returning to growth in 2019.

“Although we are forecasting 0% growth in lettings prices for the rest of 2018, there are always exceptions to the rule and turnkey properties in amazing positions continue to achieve good rents,” said Kate Eales, head of residential lettings at Strutt & Parker.

Rental values have remained static in prime central London since 2017, but properties in the £700 to £1,000 per week bracket “continue to show real movement”, according to Eales.

At the other end of the market, she says that the super prime “is doing well”, and that Strutt & Parker is seeing appetite for properties at £4,000 per week and over.

“The properties that are sticking are those in the mid-range which are in need of refurbishment,” she added.

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