Renting 'becomes cheaper' in London
The cost of renting in London has dropped over the past year, new figures have shown.
According to data from the Association of Residential Lettings Agents (ARLA), the average rent for flats has dropped by 9.3 per cent in prime Central London in the last 12 months.
Furthermore, the body noted an oversupply of rental properties in the city's housing market as many landlords are waiting for a better time to sell their investments.
ARLA's head of operations Ian Potter stated: "These falls are inevitable given that so much of the London market is driven by the international financial services industry and the ripple effect this can have on the market generally."
The organisation found that average rents for flats vary across the UK from £553 to £2,051 per month.
Last week, the Land Registry's monthly house price index revealed that the average cost of a property in London is £320,774, well above the typical house price of £165,529 for the rest of the UK.
Published 8th December, 2008
© 2008 Estates IT Limited
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The cost of renting in London has dropped over the past year, new figures have shown.