Rents in August slowdown in Central London

Rents in August slowdown in Central London

Due to the Chinese economy downturn and stock market nerves, this has lead to a decline in rental value growth in August. It has been noticed that annual rent growth value fell to 2.5%. In the three months to July, new tenants fell by 15% compared to 2014, viewing levels were declined by 12.6%.

Meanwhile, Chinese currency YUAN has been devalued, it caused some Chinese buyers to postpone their decision on overseas property purchases, due to the consideration of uncertainty global financial market.  The rental market is also affected by the sales market, some real estate companies tend to delay selling and change to the rental option, they are waiting for the next stronger house price growth at the end of this year after the stamp duty is increased.

The rent decreased mostly in the west London of Notting Hill, house prices have fallen by 4.6% and Knightsbridge is down by 2.4% over the 12 months. Whilst, in the city of London, they have increased by 7.1%, especially for Islington in north London are up by 6.5%.

For the letting market in central London, overall the stock at its highest level in 2015 and 40% up compared to last year. Therefore, it is a tenants market at the moment, while the competition is fierce for landlords from the Virginia Skilbeck statistics. Landlords are recommended to dress their property to ensure it stands out in an online listing, in order to attract more tenants. Additionally, families and couples had driven demand for one and two-bedroom properties for a large family house have declined compared to last year, therefore, landlords may also be recommended to consider the families or couples as their potential tenants rather than sharing.

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