Liquid error: wrong number of arguments (2 for 1) Firm predicts strong January for London lettings | Marsh & Parsons Sales and Lettings Estate Agents London

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Firm predicts strong January for London lettings

Tue 05 Jan 2016

by Gary Whittaker

Prime London rents are forecasted to rise five per cent over the next year, according to real estate agents Marsh
& Parsons.

This would be a significantly higher increase than the 1.9 per cent lift seen in 2015. With January being the start
of prime property lettings season in the capital, the five per cent increase from the outlook report should be
heavily felt early in the year.

The average increase in the number of lettings in the December to January period has stood at 34 per cent over
the past three years.

Director of lettings at Marsh & Parsons, Patrick Littlemore, commented: This initial activity will feed into stronger
and more sustained rent growth throughout 2016 as a whole. He also pointed to Queens Park as an area in
which he expects to see increased letting interest.

While prime lettings are anticipated to see significant growth, Marsh & Parsons expects the highest tiers of the
market - properties listed at over 750 per week - to experience little to no uptick. As the lower price brackets of
the private rental sector have the most room for expansion, this is unlikely to surprise those in the sector.

Furthermore, the firms report suggests there will be an increase in renters signing two year tenancy agreements,
as renters look for increased stability in their living situations. This is a continuing trend, as the average length of
rental property agreements in prime London has grown 18 per cent from 2014 to 2015. Over half of these longer
agreements contain a variation of some rent increase, easing many concerns of lost profit for property owners.
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