London rents fall by 20%
More people are being encouraged to rent property in London as rental prices are on the decline.
Figures show that rent in London is falling by 20 per cent as landlords are being forced to cut prices due to over-supply, reports the Evening Standard.
Landlords in a number of London boroughs, including Kensington and Chelsea, are cutting rental prices by hundreds of pounds every year.
One homeowner in Chelsea told the newspaper that their house which was taking £2,700 per week in rent last year is now taking offers for £2,000 a week.
"We have noticed a huge increase in stock in the last three to four months, while inquiries have increased only marginally," said Tim Hyatt of London Estate Agent Knight Frank.
Statistics show that London house and flats by the river Thames that were being let for up to £1,500 a week this time last year are now taking rent of £1,200.
Estate Agents Savills also reported that some London rents had fallen ten per cent, while Knight Frank said the drop was between five and 20 per cent.
Published 4th August, 2008
© 2008 Estates IT Limited
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More people are being encouraged to rent property in London as rental prices are on the decline.