The number of properties available to rent in Prime Central London (PCL) has trebled over the last three months to 24,761, up from 8,834 in the previous three months, according to LCP.

The firm reports: ‘As uncertainty continues on the global stage and ‘hard Brexit’ edges ever closer and increased taxation impacts the marketplace, stock levels of Prime Central London’s rental property have increased dramatically. Many landlords have opted to let their properties rather than sell them in the current market where vendors are seeing deep discounts. Over the last 3 months, the number of properties to let has increased nearly 3 times from 8,834 in the previous 3 months to 24,761, according to industry website Lonres.’

LCP says that weekly rents for refurbished flats have performed best this quarter with new lets achieving a 3.6% increase over anticipated rents, while one bedroom properties continue to put in the strongest performance with weekly rents now averaging £460 - up 5.3% over expected returns. The firm adds that weekly rents for 2 bedroom properties are becoming more popular again as they start to represent particularly good value, up 1.5% to £700 per week.