Chart of the Day: Residential leasing volumes hit record high at 15,803 leases

Find out what caused the boost.

According to Savills, in contrast to the mixed signals in the residential sales market, the rental market witnesse d a buoyant  performance in the third quarter  when private residential leasing volumes registered a new record  of 15,083 cases.

This is an 11.6% QoQ increase, leading to a total of 40,319 leases inked in the first nine months, 6.0% higher than last year’s 38,023 leases recorded over a similar period.

Here's more from Savills:

As the FCF will come in force in August 2014, employers may expedite their applications for new EP holders. Leasing demand for staff accommodation or short-term rentals could increase over the next six months, as a new influx of overseas nationals move their plans forward to relocate here before both the job market and immigration policies tighten further.

It is expected that the residential leasing market will continue to flourish in the fourth quarter of this year with volumes hovering around 11,000 transactions, similar to that in Q4/2012.