Rich Europeans exit prime central London homes
International tenants are falling out of love with prime central London homes.
According to data from Hamptons International, the number of tenants in the centre of London has been falling steadily since May 2013, dropping by eight per cent between then and May this year.
Fionnuala Earley, research director at Hamptons International, said the rental market “has always been important for those coming to work here from overseas” because renting is more flexible.
The fall in tenants in prime central London reflects changes seen in the number of international buyers for prime central properties, and has been driven by Europeans, she said – but the number from the US has gone up.
“This may reflect uncertainties due to the referendum having a bigger effect on Europeans than other parts of the world,” Earley said.
Prime central London house prices have been cooling for some time – and have gone into negative territory since the Brexit vote, according to data from Knight Frank.
This reflects both a fall in international interest, but also a curb in interest from UK buyers, as the introduction of a higher rate of stamp duty tax on second homes has put many people off.