Wealthy London homeowners becoming “accidental landlords”

Estate agents have reported a rise in high-end London rental supply as sellers give up on sales and move their properties on to the rental market. According to Chestertons estate agents, in the first two weeks of November the number of London rental listings increased by 15% year on year. Across its 10 central London offices the rise was 16%. Katinka Hill of Chestertons said: “This is the first time this year that we have seen stock rise year on year. A lot of it is coming from the sales side – vendors whose properties are not selling, or who are holding out for a better price. The turning point was definitely everything that happened after the mini-Budget.” David Mumby of Knight Frank estate agents said: “The rise in supply in the prime lettings market [of the most expensive properties] is certainly a result of the uncertainty seen in the sales market.” According to Knight Frank, market valuation appraisals for properties that will let for between £1,000 and £5,000 per week were up by 17% in October compared with at the start of the year. 

The Daily Telegraph