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July's Latest

July Lettings July has been a busy month for both our Clerkenwell and West End lettings teams. As expected, the lettings market has been buoyant for the past three months, leading us through to the first month of Q3 with ease despite reports of falling rents due to a high supply of available stock. 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 rents. In April 2013 we were reaching 94.4% achieved against asking 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 a change in the market as we reach peak lettings season. There is still a noticeable difference between the markets in the West End and Clerkenwell, [which is] characterised by the tenants in the respective areas. The West End has a great deal of international and seasonal tenancies while Clerkenwell tends to be occupied by City workers in the area. This difference shows in the seasonal changes of the offices; where 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 per week rent prices 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 Lettings July has been a busy month for both our Clerkenwell and West End lettings teams. As expected, the lettings market has been buoyant for the past three months, leading us through to the first month of Q3 with ease despite reports of falling rents due to a high supply of available stock. 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 rents.

In April 2013 we were reaching 94.4% achieved against asking 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 a change in the market as we reach peak lettings season. There is still a noticeable difference between the markets in the West End and Clerkenwell, [which is] characterised by the tenants in the respective areas. The West End has a great deal of international and seasonal tenancies while Clerkenwell tends to be occupied by City workers in the area.

This difference shows in the seasonal changes of the offices; where 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 per week rent prices 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.

1375454148_Letting July

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