Viewings up 20% as demand returns to Prime Central London market
Demand has returned to the Prime Central London market, acccording to lettings agency EJ Harris. The agency has reported a significant summer upturn in Mayfair rental values, with the number of viewings rising 20% and new prospective tenants rising 25% over the last three months.
The data reveals that Mayfair has seen a 7.5% increase in rental values over the last twelve months, with Prime Central London as a whole seeing increases of 4.1%, achieving average gross yields of 2.92%.
The agency believes buoyancy will continue over the next few months, with an increasing number of instructions for sale rapidly moving across to the lettings market, after a post-election spike in prices has failed to materialise.
Mayfair remains a favoured address among international wealthy ‘staycation residents’ from abroad, who choose to make this exclusive slice of London their urban retreat for the summer and are looking for luxury apartments where they can enjoy the proximity of restaurants, bars and exclusive boutiques.
Elizabeth Harris, managing director of E J Harris commented: “The outcome of the general election and the rapid recovery and strengthening of the London economy is fuelling the capital’s lettings market. We are seeing a significant increase of instructions in Prime Central London and a rise in corporate relocations, ‘staycation residents’ and international student rentals. We are also seeing interest from families looking for long-term lets starting in September.”
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