High-end lettings company Knight Frank says there’s been an enormous loss of houses out there for renters in prime London in the previous 12 months.
Specifically the quantity of houses listed for rent between £2,000 and £4,000 per week in prime central London fell by 83 per cent between March 2020 and April 2021.
The scarcity is having an impression on rental values, of course, though in opposition to as backdrop of a really weak London lettings market total.
So the company says that common rents for houses in PCL fell 9.7 per cent in the 12 months to April in comparison with 14.8 per cent for flats.
In prime outer London, common home rents fell by 5.9 per cent in the 12 months to April in comparison with a decline of 11.9 per cent for flats.
However, total annual rental worth declines in prime London property markets bottomed out in April.
The fall in prime central London was 13.3 per cent over the 12-month interval, which in comparison with 14.3 per cent in March. In prime outer London, the annual decline was 9.4 per cent in April versus 11.5 per cent in March.
“The sturdy gross sales market means there are some elements of the lettings market in prime central London which can be virtually bereft of choices for tenants, for instance houses in Notting Hill and Chelsea,” says David Mumby, head of prime central London lettings at Knight Frank.
“The greatest properties usually are not even being overtly marketed. It means is that we may even see a really speedy restoration in rents in some prime London markets.”