August was record month for new tenancies
The number of new tenancies agreed in August was the highest ever recorded at letting agent Knight Frank.
According to the agent, the number of new tenancies agreed in the three months to August rose by 15.7%. In addition, the number of viewings booked with prospective tenants increased by 21.7% in the same period.
Increases
However, rental growth slipped by 4.7% year-on-year to September.
Tim Hyatt, head of lettings at Knight Frank, noted: ‘Continued uncertainty created predominantly by higher stamp duty rates but exaggerated by Brexit has led to an increase in prospective tenants and landlords.’[1]
‘Although there has been some price adjustment, we are seeing a lot of tenancies being agreed as a result,’ he added.[1]
August was record month for new tenancies
Capital results
Knight Frank also revealed its most recent sales figures for Prime Central London locations. Annual price growth in this region was -2.1%.
Properties stayed on the market here for an average of 14% longer between January and August 2016, in comparison to the same period in 2015.
The number of properties under offer were up by 39.3% between January and August year-on-year. The number of new potential buyers interested in properties valued between £2m and £5m rose by 8.7% in the same timeframe.
[1] https://www.propertyinvestortoday.co.uk/breaking-news/2016/10/agency-claims-august-was-record-month-for-new-tenancies