More people 'looking at flats to rent in London'
New figures show that increasing numbers of people in the UK are looking at flats to rent in London rather than buying a property.
According to the Royal Institution of Chartered Surveyors (RICS), tenant demand in the capital is greater than anywhere else in the country.
It is thought this is due to concerns over a double-dip recession and the difficulties many people are experiencing in securing mortgage finance.
The organisation reports that 43 per cent of chartered surveyors have seen a rise rather than a fall in demand for property, compared to 37 per cent in the first quarter of this year.
RICS also noted that the market remains buoyant as increased demand pushes rental prices up.
Jeremy Leaf, from Jeremy Leaf and Co, said that "higher rents are also starting to stimulate new investment as well as existing landlords keen to expand their buy-to-let portfolios - providing they can obtain finance".
Meanwhile, Ben Wilkie, editor of What Mortgage, suggested declining house prices are a reflection of consumer confidence, as many people worry about the economy and job security.
Posted by Andy Britten
Published 7th September, 2010
© 2010 Estates IT Limited
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