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July Lettings

July has been a busy lettings month for both our Clerkenwell and West End offices. The lettings market has been buoyant for the past three months as expected, leading us through the first month of Q3 with ease despite reports of falling rent due to high supply of lettings properties. Central London has remained staid during this period and despite a small drop in rental prices, which we believe is due to the expansive gap between supply and demand closing slightly and resulting in more accurately priced rent. In April 2013 asking prices were being reached 94.4% across the West End and Clerkenwell, while this rose on average 2.2% achieving 98.8% of asking prices by the end of June, revealing the change in the market as we reach peak lettings season. There is still a noticeable difference between lettings in the West End and Clerkenwell, which is characterised by the tenants in the area. The West End has a great deal of international and student tenancies while Clerkenwell tends to be occupied by European tenants as well as city workers in the area. This difference shows in the seasonal changes of the offices; whereby Clerkenwell has a constant flow of deals which rises slightly in the summer season, while the West End retains a slower more gradual pace before picking up speed dramatically in Q3. At the beginning of Q2 our West End and Clerkenwell offices saw a 15% drop in rent prices per week compared with the same time the previous year, however month on month we have seen gradual improvement that is reflective of the season and the gradual recovery of the economy.

July has been a busy lettings month for both our Clerkenwell and West End offices. The lettings market has been buoyant for the past three months as expected, leading us through the first month of Q3 with ease despite reports of falling rent due to high supply of lettings properties. Central London has remained staid during this period and despite a small drop in rental prices, which we believe is due to the expansive gap between supply and demand closing slightly and resulting in more accurately priced rent. In April 2013 asking prices were being reached 94.4% across the West End and Clerkenwell, while this rose on average 2.2% achieving 98.8% of asking prices by the end of June, revealing the change in the market as we reach peak lettings season. There is still a noticeable difference between lettings in the West End and Clerkenwell, which is characterised by the tenants in the area. The West End has a great deal of international and student tenancies while Clerkenwell tends to be occupied by European tenants as well as city workers in the area. This difference shows in the seasonal changes of the offices; whereby Clerkenwell has a constant flow of deals which rises slightly in the summer season, while the West End retains a slower more gradual pace before picking up speed dramatically in Q3. At the beginning of Q2 our West End and Clerkenwell offices saw a 15% drop in rent prices per week compared with the same time the previous year, however month on month we have seen gradual improvement that is reflective of the season and the gradual recovery of the economy.

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