Summer is in full swing and this is the time when London sees an increase in lettings activity. This increase is due to two reasons. Firstly, with more people traveling to London for the summer months the number of holiday short lets have risen with recent transactions ranging between £5,000 to £25,000 per week from anywhere between 2 weeks to 2 month stays. This trend has been particularly strong from our Middle Eastern clients enjoying of the cooler temperatures and Americans taking advantage of the UKs proximity to Europe. Secondly, this is the time of year when we begin seeing corporate companies relocating their staff to London. We’ve recently had relocations from New York and Turkey, and this is a positive sign that London remains a top destination for professionals. That combined with the student market which coincides with the new academic year starting in September, we’ve seen a steady stream of international students who will pay premium rents to be walking distance to central London universities often paying 6 months to a year upfront and upwards of £1,000 per week!
We’ve taken on +20 new instructions within the last month from penthouses, to multiple units in new build developments and boutique schemes helping with increased demand at this time of year. Since June the increase in quality stock is noticeable. Renters now have better options and there is balance in competitive pricing.