London rental levels 'still falling'
Average rents are continuing to fall across London, new research has shown.
The study by property agency Knight Frank has found that the average rent in the capital dropped by 1.8 per cent both in the prime Central London area and outer London, Property Wire reports.
Such a fall represents a faster drop than was the case in the second quarter, during which rents fell by 0.5 per cent.
Liam Bailey, Knight Frank's head of residential research, said the situation was partly caused by an increase in the number of people having to let their home because they cannot sell it in the current climate, something that has increased the supply and choice for those wanting to rent.
He stated: "As a consequence, the quality and quantity of rental stock has noticeably increased over the past few months, increasing the choice for tenants and driving down rents."
London accounts for 21.4 per cent of rental properties in the UK, according to the September survey of residential investment landlords by the Association of Residential Letting Agents.
Published 7th October, 2008
© 2008 Estates IT Limited
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Average rents are continuing to fall across London, new research has shown.