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Under 30s form vast majority of prime London lettings, says consultancy

One of the leading consultancies involved in prime London lettings says 86 per cent of new tenancies in Q1 2021 were from individuals aged 30 or under.

This is a 23 per cent increase from a year earlier and a sign of what “a post Covid London may look like with a new generation viewing the capital as an employment hub and with the easing of restrictions, a vibrant cultural city.”

The data comes from London Central Portfolio, which reports signs of a return to something like normality in prime areas of the capital after the disruption of Coronavirus.

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Time taken to let a vacant property decreased in Q1 2021 to 64 days, the lowest level since March 2020 prior to the first UK lockdown. The void period between tenancies remains above LCP’s historic average, however the consultancy says the recent decrease indicates a return of activity in the rental market despite challenging times.

Tenants from the banking and financial industries represented the most new move-ins at 39 per cent. High net worth students were also strongly represented at 22 per cent.

Marylebone and Pimlico were the hotspots in Q1 with over half of new applicants wanting to move to these areas. Only six per cent of new applicants had no preference as to prime London locations.

Andrew Weir, chief executive of LCP, comments: “Despite a third UK lockdown, Q1 2021 saw a continued desire to live in prime London. Village-like neighbourhoods with good shopping facilities and outdoor recreation received the most demand. 

“Our tenant base continues to be formed from a diverse array of professions and industries. One of the qualifications that classifies London as a global city is the wide range of ancillary industries that surround and support the City of London; breadth and depth that has been decades in the making.”

 

Weir continues: “With a roadmap out of lockdown, rental activity increased over the quarter resulting in less available stock than this time prior year, as opportunistic UK-based tenants continued to benefit from discounted rents. Void periods remained higher than pre Covid levels but Q1 2021 saw the shortest voids since the pandemic. 

“Whilst it is too early to declare the return of normality, perhaps we are beginning to witness the positive effects of a successful vaccine roll out and easing of government restrictions.”

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