The recovery in the prime London residential lettings market is well underway, according to the latest Q3 report from London Central Portfolio (LCP).
The firm said that the EU represented the largest share of new tenants in prime central London in Q3 2021 at 36%, adding: ‘As travel restrictions started to lift, prime London became less reliant on UK renters. 20% of new tenants in Q3 2021 were from the UK in comparison with 42% in Q3 2020. Ongoing travel restrictions resulted in a smaller proportion of new tenants from Asia-Pacific.
‘As professionals started to return to the office in the UK on 19 July, tenants from the accounting, banking and financial industries represented the highest number of new move-ins at 41%. In the prior year, this figure was 19% which evidences the return of London as a global city of employment. HNW students were strongly represented at 26%.’
Andrew Weir, CEO at London Central Portfolio, added: “Our lettings results demonstrate that when people are permitted to travel, London is high on their priority list. The City of London remains a huge draw for those within the financial industries, representing 41% of new tenants. Despite continued travel restrictions in South East Asia, HNW students still made up over a quarter of all new tenancies.”