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Relocation resurgence boosts activity in London

Budgets are also increasing to levels not witnessed for several years.

Up to the first quarter of this year, the majority of relocation agent activity was on behalf of junior or entry-level employees, and while that sector of the market remains strong, there has been a significant increase in inquiries on behalf of senior executives with higher budgets in the region of £1000 per week upwards.

The increase in relocation searches is spread across a broad range of business sectors, including accountancy, law and IT companies, as well as financial services.

Lynn Hilton, partner for residential lettings at Cluttons, said: "Relocation activity is a reliable indicator of confidence among the business community. London has withstood the recession well but relocation agent demand had dropped significantly until last year and now activity levels are increasing rapidly.

"New talent is flooding into London at a rate not seen since the height of the market in 2007. We have had inquiries on behalf of top executives with budgets up to £10,000 per week. The fact that firms are prepared to make this investment to bring their highest ranking staff to London is extremely encouraging."

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