Tenants bargain hard in Prime London as supply levels stay high

21 August 2020

Prime Resi

July wasn’t just a busy month for Prime London’s sales pros – lettings agents were also back in business, going by the latest deal numbers from LonRes.

Last month turned out to be the best so far this year in terms of new lets agreed, which were up 41% on June levels, although things were nowhere near back to normal, with volumes still 30% down on July 2019.

Demand has been significantly affected by fewer overseas students, a lack of both corporate relocations and creation of new jobs in central London, said the firm, quoting a recent report by King’s College and The Harvard Kennedy School which suggested that overseas student numbers in London could fall by 50% to 75% this academic year.

Across the prime postcodes, there were just 2% more new instructions in July this year compared with last, down from a 28% increase in June. Stock volumes at the beginning of August still stood 42% higher than at the same point a year ago, however.

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