London rental demand 'highest for five years'
A recent survey of London Letting Agents has shown that demand for rental property in the capital is at its highest for five years.
Association of Residential Letting Agents (ARLA) conducted a survey of London Estate Agents, finding that many were now booming with demand for rental accommodation – with many price out of the buying market.
Recent figures from Land Registry showed that house prices in the capital actually dropped over the month of October, but the price decreases did not do enough to stop the trend away from buying.
ARLA reported that as many as two thirds of Central London Letting Agents were experiencing greater rental demand than they had supply of property, meaning that many customers will now look to snap up their desired rental properties before demand increases further.
Ian Potter, head of operations for ARLA, said: "This peak in demand should come as no surprise.
"It has been driven up by the many competing demands for rental accommodation and now we have softening house prices. Softening in the sales market is always a driver of further demand in the rental market."
Published 3rd December, 2007
© 2007 Estates IT Limited
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A recent survey of London letting agents has shown that demand for rental property in the capital is at its highest for five years.