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Written by Conor Shilling

A flat in Mayfair has been let in just forty minutes, its advertising letting agent has revealed. 
 
Just slightly larger than a bathroom or walk-in cupboard, the 301 sq ft one bedroom flat on Pollen Street in London’s Mayfair has set a new record in the London market, according to agent E J Harris. 
 
Placed on the market first thing in the morning, the flat was available to let for £1,560 per month, with its new tenant moving in that afternoon after paying over £10,000 up front to secure the property, a cost that covered the deposit, a six month tenure and lettings fees. 
 
E J Harris placed details of the property on its lettings website and also emailed out to its applicant database. Within just 15 minutes, it says it had received over 200 email and telephone enquiries about the property and five serious offers within 30 minutes. 
 
Located on Pollen Street, a one lane thoroughfare just off Regent Street near Oxford Circus underground station, the apartment has a small living area which leads into a compact open plan fully fitted kitchen / dining area. There is also a bedroom with wardrobe space and a shower room. 
 
Elizabeth Harris, Managing Director of E J Harris said: “The speed of this deal and the battle to secure the tenancy is the clearest indicator yet to me how buoyant and hot London’s letting market is at present.” 
 
“If it was a swanky flat in Mayfair’s posh Western district I would expect it to fly out of the door, but this is an ‘ordinary Londoner’ apartment on the eastern Soho border by Regent Street. It’s the ordinary nature of this that makes it so extraordinary.” 
 
“I think the reason that standard lets are flying out the door at present is because a ‘perfect storm’ of factors has come together to create a super-hot rentals market at present. Firstly the rapid recovery and strength of the London economy has helped to fuel the capital’s lettings market. Alongside this, the rise in Stamp Duty and uncertainty over an additional Mansion Tax in the lead up to the election, has generated a 30% increase in vendors looking to let rather than sell, and an additional wave of households choosing to let rather than purchase. This is what is causing a lettings frenzy in the capital at the moment,” she added.
 

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