Leading Agent Admits London Rent Drop
By |Published On: 14th January 2014|

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Leading Agent Admits London Rent Drop

By |Published On: 14th January 2014|

This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.

Leading Agent Admits London Rent Drop

Leading Agent Admits London Rent Drop

A leading London letting agent believes that seasonal trends in the rental market can lead to more void periods and agents should be doing more to combat this problem. W A Ellis has admitted to dropping rents by 20% in December in a bid to attract more tenants during the notoriously difficult period and believe more agents should follow suit.

Head of lettings at W A Ellis, Lucy Morton, suggested that: “Voids did creep up but figures are distorted as the market has become more seasonal.”

She suggests: “For the last two years in particular, the key months have been between April and October, when a property can let within a week, whereas voids can be substantially increased if a property becomes available between November and March.”[1]

According to Morton, 2013 saw an incredible 50% increase in middle-London tenancy agreements, with rents also rising by around 2.8%. W H Ellis’ average tenancy agreement lasts for approximately three years.

Morton predicts that a similar pattern could be followed in 2014, if the UK continues to recover from the financial crisis. She said: “Indications are that the City will be hiring thus creating more tenants. I predict prime central London rents will increase by marginally over 3% in 2014.”[1]

[1] ://old.lettingagenttoday.co.uk/news_features/Leading-Agent-Admits-London-Rent-Drop

 

 

 

About the Author: Em Morley (she/they)

Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources. When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.

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