London rents falling
The cost of renting property in London has begun to fall as a number of new rental properties enter the market.
London property investment company Cluttons has revealed that in areas such as Kensington and Chelsea and Knightsbridge, supply of property has doubled over the last year.
As a result of this, figures show that asking prices for rental property has fallen by around five per cent in some London boroughs.
The London Estate Agent is now suggesting that landlords introduce improvements to their property to encourage those wishing to rent.
They suggest adding extras such as cleaners or gardeners in order to make their property more appealing.
This follows news this week from the Royal Institution of Chartered Surveyors, which found that that the property slump is encouraging more people to turn to renting.
It is expected that as property prices continue to fall, vendors will wait for the market to hit rock bottom before selling their property.
Published 20th August, 2008
© 2008 Estates IT Limited
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The cost of renting property in London has begun to fall as a number of new rental properties enter the market.