The Prime Rental market is well documented by the bigger agents who have some excellent research departments. Here is a summary of their thoughts and analysis, and links to more information:
Savills
Rents across the commuter belt continued to recover in the three months to the end of September 2020. In the prime markets up to an hour’s commute from London, rents rose by 1.2%, marking the strongest quarterly growth for more than five years. This now leaves rents 2.7% higher than a year ago.
By contrast, across prime London, rents were down by 1.3% in the past three months, the second consecutive quarter of rental falls. This leaves average rents across London 2.4% below where they stood a year before. Read the full report here.
Knight Frank
High levels of supply have continued to put downwards pressure on rental values in the final quarter of the year in prime London lettings markets.
In prime central London, average rental values declined 9.1% in the year to October, continuing a trend that started during the first national lockdown in England. In prime outer London, the decline was 7.6%. Read the full report here.
Knight Frank
In a similar way to the wider UK property market, tenants in the super-prime (£5,000+/week) lettings market have sought more space this year. To underline this trend, Hampstead became the third most popular location for tenancies agreed in the year to September, with the number of deals rising to 12 from 5 in the previous year.
The overall number of super-prime tenancies fell to 101 in the year to September, from 146 over the previous 12 months. However, there were 37 deals in Q3, which was higher than the same period last year and the maximum rental value recorded was £40,000 per week for the second consecutive quarter.
Rental values have been more resilient in the super-prime market than the rest of London. Rental values in prime central London fell 9.1% in the year to October, which was in large part caused by high levels of supply as more short-term lets came onto the long-let market.
This has not been the case in the market above £5,000 per week, where rents have remained flat compared to where they were 12 months ago. Read the full report here.
Also take a look at our latest comprehensive rental reports here:
For more information about the rental statistics, read our Appendix
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