Renters 'favoured' in recent months
It would seem that residents of property to rent in Greenwich and Southwark, as well as people living in other letting residences in London and the UK, have benefited from being in a strong bargaining position in recent months.
According to the latest survey from the Royal Institution of Chartered Surveyors (RICS), tenants have had bargaining power when it has come to rental prices.
One reason cited for this was the flooding of the private rented sector as homeowners put their properties up as a letting opportunity, rather than for sale.
RICS said that the net balance of its members reporting falls rather than rises in rents went from 48 per cent to 55 per cent.
Spokesperson for the group, Jeremy Leaf, commented: "Property transactions are starting to rise from very low levels and the influx of supply in the rental market has slowed as vendors begin to find buyers."
There is still a high demand for rental property in the UK, he added, but rent could start rising in the coming months.
Written by Ben Carter
Published 22nd June, 2009
© 2009 Estates IT Limited
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