Prime rents across the Home Counties are higher on an annual basis for the first time in two years, according to Knight Frank’s Home Counties Lettings Index. This is despite a small decline in rental values during the third quarter of 2014.
In the year to September 2014 rents rose by 0.1%, the first annual rise in two years. However, rents fell by 0.8% between July and September 2014. In Q3 2014, the number of tenancies agreed was 27% higher than Q3 2013.
Furthermore, in Q3 2014, some 55% of tenants in the Home Counties were from the UK.
“The flexibility shown by landlords on rents has helped boost the number of tenancies,” Oliver Knight, of Knight Frank Research, said. “The number of tenancies commenced between July and September was 27% higher than the corresponding three month period in 2013…”
Amanda Driver, of Knight Frank Esher Lettings, added: “Uncertainty in the £2,000,000 plus sales market is leading potential buyers to bide their time in rented property, in the hope that the next general election will provide clarification for their future investments.”
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