In the rental market of elite real estate of London stopped rising prices

The annual growth of rents in Central London fell to 2.5% in August against the background of low demand, possibly due to fluctuations in the financial markets. International company of elite real estate Knight Frank in its analysis, argues that a significant number of tenants in the sector of real estate in Central London are employees of the financial sector and it is not surprising that the volatility of global financial markets affects the mood of the tenants, which is especially noticeable in August. Rents rose by just 0.1% in August, which is unusual for this time of year. Quarterly growth was 0.2 percent, the lowest in three months, starting from April 2014. Tom bill, head of residential property in the London office of Knight Frank believes that the decline in demand for rent in Prime sector of London is a direct result of the concern of financial markets about the slowdown in the Chinese economy.

According to Tom bill, the devaluation of the RMB should be considered as a historic event that will entail major changes in the global economic picture. But a very modest demand for rental residential property is not necessarily the dependence on global economic processes. It is also a result of modest activity on the part of the corporate sector and the trend decline in interest in luxury property in Central London.

For the three months to July 2015, the number of new applications for the rental of residential real estate decreased by 15% compared to the same period of 2014, the number of views decreased by 12.6% and the number of new agreements for the rental fell by 12.1%.

Meanwhile, it is obvious that the results of the second quarter laid the nervousness of the market in connection with the parliamentary elections of 2015.

Some homeowners do not have time to sell your property to amend the scale of Stamp duty and now they postpone purchases, waiting for the elite housing market will adapt to new market conditions. In the end, the rental market was more real estate than usual, and that affects the rates of rent.

® Helen G. Antre 04.09.2015

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