London is Driving Rental Market Growth
The lettings market remains very active across London and the South of England. Demand continues to support rents and has ensured a quick turnover for vacant properties.
Across the Hamptons International network lettings transactions were up by six percent in the first quarter of 2011 compared with Q1 2010. Higher average rents are taking some of the heat out of the market and the increase in new applicants - 15 percent over March 2010 - is now more than offset by the 17 percent increase in new properties on our books.
Our London lettings network is experiencing particularly high demand. London continues to shrug off problems seen in the wider economy and with house prices and deposits remaining very difficult for first-time buyers, the rental market stands to benefit.
A good example of this is in our Corporate Services team, where we are seeing requirements to place increasingly senior professionals; the Energy and Finance sectors are both showing particularly strong activity. This is a testament to the belief in London’s resurgent economic strength and implies that the rental market will remain under significant demand pressure throughout 2011.
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Read the UK Residential Sales market review