The Prime Central London lettings market is returning to normality, a prominent agency says.
JLL says average rents fell 1.4% between Q4 2023 and Q1 2024, bringing annual growth to a more sustainable level of 3.1%, and reflects a positive indicator for the upcoming spring and summer markets.
This quarter the JLL Prime Central London Index saw rents rise by 3.9% for houses, versus 2.9% for flats.
Demand for smaller and moderately priced homes (less than £1,000 per week) recorded annual growth of 4.5%, the highest of any price band. Whereas more expensive properties (£1,000-£2,000 per week), saw an annual rent increase of 3.6%.
JLL’s report found that the market has seen an increase in stock levels by 50%, with the number of properties to let up by 6.8% in Q1 2024 compared to end of 2023.
However, stock volumes historically remain down with 31% fewer listings at the end of Q1 compared to 2019.
Looking towards the spring quarter, JLL cited that tenants in Prime Central London can expect a greater range of choices in the letting market. This will likely result in higher rates of movement between developments.
JLL also points out that this quarter has already seen a decline in renewal activity, with renewals accounting for 44% of lets in PCL, compared to 51% in Q1 2023.
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