London lettings market in midst of boom

News Category: Industry News

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London's lettings market is enjoying a boom period, according to Cluttons.

The property consultants and letting agent claims that over the last month some 70 per cent of its agents have experienced a rise in the number of lettings.

Meanwhile, over nine in ten said that they anticipate that volumes will increase yet further in months to come.

Richard Cotton, divisional head of residential agency at the firm, said the buoyant mood has come about due to a combination of rents falling to more attainable levels.

He told mortgagesolutions-online.com: "Confidence in the market is currently very high, and strong lettings figures are a direct result of landlords facing up to the current rental market value of their properties, which have dipped recently, and adjusting their rents to a more realistic level.

"I expect lettings volumes to continue to rise over the coming months, as tenants find they are able to secure the property they want at a fair price."

Last month Cluttons' South Kensington office said that rents have fallen by up to five per cent in South Kensington, Chelsea and Knightsbridge.

The same areas have seen supply double over the last year.

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