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Prime central London lettings market subdued in Q2 2016

Activity in the prime central London (PCL) lettings market has been subdued during the second quarter of 2016, according to the latest analysis report from JLL.

The sector saw a reduction in demand and as a result a higher number of properties on the market and as a result prospective tenants now have ample choice, according to the firm.

This has led to falls in rental values in some price ranges, particularly where properties are not presented to the highest standard.

The excess of supply has led to pressure on rents across PCL. On average rental values declined by 1.9% during the second quarter of the year and over the 12 months rents fell by 4.3% with declines of 8-10% per annum in the higher rental brackets.

The main feature of the current market is an oversupply of stock, according to Neil Chegwidden, residential research director at JLL. “With weakened tenant demand, the increased supply of properties on the market is not being eroded. Available supply has also been boosted by owners electing to rent out their properties as opposed to selling them, given the diminished demand in the sales market,” he said.

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