“Summer boom” in upmarket central London lettings as Mayfair has post-election bounce
It's not just super-rich property buyers who breathed a sigh of relief when the result of the General Election was announced: new figures suggest landlords were also pretty relieved, after corporate relocation enquiries for homes in Mayfair jumped 40 per cent in the past three months.
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The figures, by lettings agency E J Harris, showed rental values in Mayfair rose 7.5 per cent over the past 12 months, with the number of viewings rising 20 per cent and the number of new prospective tenants rising 25 per cent.
That was partly driven by the number of companies expanding global operations in London: the lettings agency said it had experienced an increase in relocations from North America, France and Asia.
Wealthy overseas students also helped to push up lettings – the company suggested Mayfair's "young elite" make up 30 per cent of renters for apartments priced between £600 and £1,000 a week.
"The outcome of the General Election and the rapid recovery and strengthening of the London economy is fuelling the capital's lettings market," said Elizabeth Harris, the company's managing director.
"We are seeing a significant increase of instructions in Prime Central London and a rise in corporate relocations."