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Rents fall in London
2008-12-23
Rent prices fell by 9.6 per cent in London during the fourth quarter of 2008, new figures show.
Statistics released by Knight Frank revealed the largest drop in prime residential rates since records began in 1995.
Prices have fallen by 12 per cent during the last three quarters.
Royal Institution of Chartered Surveyors figures published November revealed falling rent for the first time in five-and-a-half years, with the change attributed to the growing number of 'reluctant landlords' entering the rental market to delay selling or buying new homes amid the ongoing house price slump.
Tim Hyatt, head of UK lettings at Knight Frank, suggested that buy to let mortgage holders are likely to experience good levels of demand from tenants because of the flexibility rental accommodation offers.
"Landlords can be cautiously optimistic but need to be very flexible as they enter the new year if they are to prosper in this difficult market," he added.
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