Flats to rent in London 'are down in price'
flats to rent in London have been among the properties to see the biggest drops in price over recent months, research reveals.
Sainsbury's Finance reports that the capital's residential rental property as a whole has fallen by £37.36 billion over the past year.
This takes the combined value of the 588,515 houses and flats to rent in London to £142 billion at present.
Landlord insurance manager Lucy Hunter explains that downward pressures have included an influx of home-movers looking to rent out their old property in order to put off selling it in the down market.
As a result, she says, rents have come down because "the market is now saturated with new rental properties".
Hands-on tenants could welcome the fact that their rents have fallen, as costs such as maintaining a home have increased over the past two years.
Repairs, alterations and improvements are all up in cost by almost three per cent during that time, previous figures from Sainsbury's Finance showed.
Written by Andy Britten.
Published 21st July, 2009
© 2009 Estates IT Limited
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