Demand strong for flats to rent in London?
People in flats to rent in London are choosing to remain where they are because a decision to move will result in them spending more money, one expert has noted.
Mark Garner, director and founder of LettingZone, said as a result of this a record number of tenants are staying put.
"Most current landlords are holding their rents where they are," he said, adding owners can re-let properties that become vacant quite quickly due to "good demand".
The specialist also commented on the struggle people are now facing when trying to take out a mortgage, which is the result of a decline in new stock becoming available within the market.
Individuals in rented property have started to manage their money in a more careful manner and have begun paying off debts in order to negate the impact the forthcoming government cuts will have on their finances, he added.
According to the latest Young Index, published by the Young Group this month, an agent is employed by three-fifths of landlords to manage their property.
posted by Ben Carter
Published 15th October, 2010
© 2010 Estates IT Limited
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Most people renting property are choosing to stay put in order to save money, it has been noted.