Landlords cash in as foreign renters flood back to London
4 September 2021
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The Daily Telegraph
The central London lettings market was hit hard by the pandemic. Rents plunged by 20pc, and some landlords were forced to cut price tags in half.
Now, bust has turned to boom. International students have swarmed the market just as corporate relocations returned and workers move to be closer to their offices. But the supply of homes has disappeared – and bidding wars are back.
Matt Parish, of the estate agency Savills’ Westminster and Pimlico lettings office, said: “The transformation over the past six weeks has been unbelievable. The level of new inquiries is so far above our previous office record that it feels like there must be a mistake in the system.” Last month, tenant registrations and offers were on track to be double the previous high.
In July, new tenancies jumped 48pc above the five-year average, according to Knight Frank.