Falling rents prompt tenants to upgrade

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Estate agent Cluttons today said tenants are moving from areas such as Clapham and West Hampstead to Chelsea and Knightsbridge as they enjoy the best value in the rental market for five years.

Three, four and five-bedroom homes in prime locations were letting for more than £2500 a week last summer but job cuts and recruitment freezes in the City and across London have seen prices plummet.

Rentals above £1500 per week are becoming increasingly scarce, said Cluttons. Louisa Woodbridge, lettings partner at the Belgravia office, said: "Landlords in prime locations, including Chelsea and Belgravia, are having to be realistic about rents, which, without the usual flow of European and American relocation tenants, have dropped back to 2006 levels.

"Middle-market tenants are moving from areas such as Clapham, Battersea, Fulham, West Hampstead and Docklands into sought-after locations they couldn't previously afford."