The impact of the referendum on the sales market has been well publicised but so less for the rental market. Since June the number of new tenancies has increased 3% year on year with a 15% increase on viewings but this activity is driven despite a 6% reduction in new application enquiries. We have undoubtedly seen higher levels of properties coming on to the rental market giving tenants more choice.
The uncertainty head of the Brexit vote is the likely explanatory factor for weaker registrations although early signs are positive with no significant announcements that companies are pulling back from relocation staff to London following the referendum. Indeed, the number if tenancies started from Knight Frank’s corporate relocation service increased 72% in the 3 months to the end of June compared to eh same period in 2015.
Whilst tenants have more choice in the current market, well presented, sensibly priced properties continue to be the lettings of choice across the whole of London and further afield in the regions.