18% drop in new tenancies agreed across prime central London

The average weekly rent across Prime London increased by 1.6% (to £638 per week) in Q2, says Marsh & Parsons, but there were markedly different stories in the centre of town and the outer circle.

Formerly the poor neighbour of Mayfair, Knightsbridge, Belgravia and Chelsea, Marylebone has undergone a seismic transformation over the last few years.

If proof was needed after the recent chorus of voices calling the top of the market, Knight Frank has reported a 'softening' in demand across prime central London last month.