Central London's residential lettings market is booming again a leading lettings agent says. Rents are rising in des res districts like Knightsbridge, Chelsea and Kensington as tenant demand surges.
“There has been a fundamental change in the lettings market since this time last year," says Lucy Morton, head of lettings at estate agency, W A Ellis, "Tenants are no longer moving to different properties for a 'better deal', they are renewing their current contract."
Reductions in rent have almost disappeared on renewals, options are generally being adhered to, and most rents are up 3 per cent year on year, she says.
"Due to the market dropping severely, by around 25 per cent, between October 2008 and January 2009, tenants were negotiating a 25 per cent decrease in their rent last year, or moving to find more space for their money, so there was a huge re-shuffle in the market," she says.
“This January we are seeing a surge of enquiries for properties right across the market from one bedroom to five bedrooms at £20,000 per week," she adds, "The lettings market is booming again and landlords can be confident that their tenants will not be looking around for better deals as they are not there now.”
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