Prime London lettings increase after Brexit due to corporate relocations

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Following Brexit, there has been uncertainty in the property market, but one area that is thriving is premium central London rented residential property.

According to Lucy Morton, head of the residential agency JLL, relocation searches in central London increased by 50% in May to June 2016. Many blue chip companies are relocating staff to London. To meet demand more properties are now available to rent than last year.

Quoted in in July 2016, Morton said that many people were making residential property available to rent as an alternative to selling. She said:

“This rise in instructions is undoubtedly due to vendors now looking for an alternative solution [to selling] and wanting to take advantage of the strong lettings market. These clients are asking us to market for lettings either exclusively or alongside sales”

Morton said that it was landlords who are prepared to offer long-term tenancies who will succeed in attracting corporate tenants locating to London. Blue chip company employees relocating in London want long tenancies, so property owners who want short-term tenants before selling their homes will miss out on these corporate clients.

Though entry into the central London prime property market is not inexpensive, landlords who can obtain a suitable commercial mortgage are finding buy-to-let property investment in central London an attractive proposition.

The Independent reported in July 2016 that there has been a small drop in the average London rent, but this has not affected rental prices in central prime London properties.

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