According to Knight Frank's August Prime Central London Rental Index, rental property viewings in PCL are up by 11.9% so far this year compared to the same period in 2012. Additionally, the number of new applicants is up over the same time by 9%.
Marylebone and Kensington rents have defied the wider market trend and have risen by 2.2% and 0.9% respectively over the year to date.
Although rents continue to fall, they are still almost 22% higher than they were during the market trough in the second half of 2012
Liam Bailey, Global Head of Residential Research, Knight Frank, comments:
“Despite this rising interest, the prime rental market in London remains closely tied to conditions in the business and financial services employment market and the ongoing weakness in the Eurozone economy have contributed to falling rents. […] However, confidence in London as a business centre remains high, with expansion in the technology, media and telecoms sectors in particular driving demand for corporate lettings. News that investment banks including Nomura, Citigroup and Bank of America have started hiring dealmakers and traders in Europe is a further source of good news.”
