Rent on the finest properties in the Home Counties has fallen due to over-supply

 
Helen Cahill
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There's an oversupply of posh properties in the Home Counties (Source: Knight Frank)

Prime rents in the Home Counties have been hit by high stock levels, data released today has shown.

According to estate agent Knight Frank, rents in high-end properties in the areas fell by 0.6 per cent between April and June and by 0.8 per cent year-on-year.

Read more: Here's why parts of London's prime rental market have been boosted by the Brexit vote

The uncertainty surrounding the outcome of the EU referendum hit corporate relocation enquiries in the period leading to the Brexit vote, Knight Frank said - but enquiries recovered after the vote.

Jemma Scott, a partner at Knight Frank, said: "The latest figures show that Home Counties lettings are equally as affected by the global markets as prime central London, which reflects the market conditions we are experiencing.

Read more: Sales of prime central London properties are now lower than they were in 2008

"Corporate relocation makes upu an important part of demand within the market. This was affected by the uncertainty surrounding the EU referendum, with enquiries dropping in the period immediately before the vote. However, July was our busiest month of the year for enquiries as companies look to register and move applicants as soon as possible before any concrete negotiations with the EU begin."

Separate figures released today show that rents in high-end areas of London have been boosted by Brexit, especially in Westminster and Kensington and Chelsea.

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