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Prime London lettings market shows signs of recovery

The prime lettings market in the capital is showing signs of strength, according to agency Russell Simpson.

The firm says it has recently secured a number of quick-fire lets, with some properties being snapped up by tenants on the day they came to market.

For example, a penthouse apartment on Redcliffe Square in Kensington was let for 17% above its asking rent on a long-term let just two days after it was launched on the market.

The property was listed in mid-summer and attracted fifteen viewings and five offers in just two days.

Charlie Woods, Russell Simpson's head of lettings, says 'the right type of listings' are not likely to stay on the market for very long at all.

According to the agency, the right type of properties at the moment are large family homes and well-presented apartments in good locations.

It says there is currently a strong interest in prime London rentals from families and professional couples.

"We’ve had a lot of occasions this year where new listings have attracted a swarm of interested parties and been secured in a matter of days, even hours on occasion," says Woods.

The property market has been beset by uncertainty in recent months. However, there have been 'green shoots of recovery' in many parts of the capital, according to reports.

Home.co.uk recently reported that investors are being tempted back to the London lettings market due to soaring rents, as well as rock-bottom sales prices and rental stock levels. 

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