The latest data from Knight Frank has revealed that the number of agreed tenancies for prime home counties properties has increased by 24% year-on-year.
This year has also seen substantial rental rises across the market, with average prime home counties rents increasing 1.2% over the course of the third quarter of 2017 (Q3 2017).
Similarly, quarterly rental growth was up for one-bedroom (4.8%) and two-bedroom flats (4.5%).
Meanwhile, smaller family houses and flats accounted for 68% of rental market activity over the course of the quarter.
“We have seen a continued surge of interest in the home counties lettings market, demonstrated by the remarkable rise in demand compared to last year,” Jemma Scott, partner at Knight Frank, commented
“Renting is now the go-to approach for families moving out of London as it gives them the ability to make sure they are settled before committing to the considerable costs associated with buying a property.”
She added: “That being said, the high volume of one and two-bedroom flats that are being snapped up shows that younger couples and smaller families are also being attracted by the lifestyle that the home counties has to offer.””