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Market comment
Our experts provide a commentary on the market they specialise in to keep you abreast of the important news and developments in their field.
Lettings
by Lucy Morton Managing Partner.
view from lettings
The Central London lettings market remains extremely busy with the majority of enquiries
coming from tenants moving for more space at less rent. Rents have now stabilised having
dropped by as much as 30% since last October. There are still high stock levels on the rental
market due in part to a preference by potential sellers to retain their properties rather than sell
at current discounted levels. The number of lettings has increased by 50% over last month,
including several stunning properties in Walton Street and Cadogan Square.
We are advising landlords to be careful not to become locked into current rents for too long -
canny tenants are trying to play the rental market like the mortgage market, by
negotiating a fixed term for two, three or even four years.
“Our advice is not to fix the rent for any more than a year” and to grant an option on
the second and third years with increases in line with the market at that time.
W.A. Ellis is considered one of the leading agents in Knightsbridge and whilst we
maintain our valued relationships with the Estates, clients and friends in our core area,
we have been spreading our wings over the past few years and our service extends to
all the prime areas of central London and our expertise is now in demand in North
London as our latest
1 January 1970
Sales
by Simon Godson - Partner.view from sales
Recent statistics indicate a 4.3% increase in the
Prime Central London market over the last three
months and we believe that much of this is due
to a lack of good quality stock, combined with a
return in buyer confidence which has pushed
prices to a level higher than might otherwise
have been expected.
Prospective purchasers believe that prices have
dropped sufficiently for them to return to the
market, with "prime property" now perceived to
be a 'low risk' investment, particularly compared
with sentiment a year ago.
Whilst summer is usually a time we see
European visitors to London, we may notice
diminishing numbers considering Central
London property as an investment or second
home as the Euro begins to weaken against
sterling and with capital values hardening, they
may believe that they have missed the window
of opportunity that existed during the first
quarter of 2009.
We suspect that lack of good quality stock will
continue over the summer months and we will
see a traditionally quieter period as potential
purchasers’ minds turn to summer holidays.
This short respite will give potential vendors an
opportunity to prepare their properties for what
promises to be an active Autumn market
1 January 1970