Agent claims August record month for renting

Letting agency Knight Frank reports that the number of new tenancies it agreed in August was the highest it has ever recorded.

It says the number of new tenancies agreed in the three months to August increased by 15.7%, while the number of viewings it booked with prospective tenants increased by 21.7% during this period.

The firm’s figures for rental growth are not so positive, however, recording an annual figure of -4.7% in September.

“Continued uncertainty created predominantly by higher stamp duty rates but exaggerated by Brexit has led to an increase in prospective tenants and landlords,” says Tim Hyatt, head of lettings at Knight Frank.

“Although there has been some price adjustment, we are seeing a lot of tenancies being agreed as a result.”

The firm also revealed its most recent sales figures for Prime Central London.

It reported that annual price growth in September was -2.1%.

Meanwhile, its properties stayed on the market an average of 14% longer between January and August 2016 when compared to the same period last year.

The total number of properties under offer was up by 39.3% between January and August year-on-year, while the number of new prospective buyers interested in properties priced between £2 million and £5 million increased by 8.7% during the same period.

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Written by: Houseladder