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Part-time tenants help boost London market

Now that working from home is more established and the race for space continues, there is a growing trend for people to rent accommodation for the few days a week they need to be in London.

This emerges from the latest quarterly review of prime London lettings from the London Central Portfolio.

It found that a growing number of clients were Brits – 50 per cent more than four years ago. And that half of move-ins were bankers or from the financial sector.

‘This can be attributed to professionals in the City and Canary Wharf requiring central London property to overnight their two of three days spent in the office’, it said.

The change is contributing to the revival in central London letting fortunes.

LCP found tenants staying longer in their lets – just over two years – and demand for new tenancies increasing. The result is that rents are up on average by just over 4 per cent for those renewing their agreements, and 13 per cent for new tenancies.

‘The prime central London market continues to grow from strength to strength’, said LCP chief executive Andrew Weir.

‘We expect demand for central London properties to continue throughout the summer months and into the autumn’.