A small one-bed flat in attracted 200 enquiries within 15 minutes of being advertised for rent and a deal was agreed in just 40 minutes, according to a central London letting agent.
EJ Harris listed the 301sq foot flat in Pollen Street in Mayfair and claimed the advert’s response hit a new speed record.
The flat was taken by an employee of a nearby hotel who put down £10,000 upfront to cover the deposit and six months’ rent – without even seeing the property.
Elizabeth Harris, managing director of EJ Harris, said: “The speed of this deal and the battle to secure the tenancy is the clearest indicator yet to me of how buoyant and hot London’s letting market is at present.
“If it was a swanky flat in Mayfair’s posh western district, I would expect it to fly out of the door, but this is an ordinary Londoner’s apartment on the eastern Soho border by Regent Street. It’s the ordinary nature of this that makes it so extraordinary.
“I think the reason that standard lets are flying out the door at present is because a "perfect storm" of factors has come together to create a super-hot rentals market at present.
“Firstly the rapid recovery and strength of the London economy has helped to fuel the capital's lettings market. Alongside this, the rise in stamp duty and uncertainty over an additional mansion tax in the lead up to the election, has generated a 30% increase in vendors looking to let rather than sell, and an additional wave of households choosing to let rather than purchase.
“This is what is causing a lettings frenzy in the capital at the moment.”
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