London rental market prices ‘are beginning to level out’

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A glut of properties on the market last year caused a fall in rental prices — blamed on growing numbers of buy-to-let purchasers, and "forced landlords" who rented out properties because they could not sell. The average cost of renting a house in London fell 17% between April and September 2008 as a result.

New research from estate agent Winkworth now shows the decline in the capital is beginning to level off, with the average cost down 12% in the nine months to June. In some areas — including Haringey, Edgware and Clerkenwell — average rents have actually risen because of a property shortage.

Georgina Parker, a lettings manager at Winkworth said: "Properties are now coming on and going off the market at about the same rate.

"Looking to the future, I expect rents to recover in the coming months, as the availability of rental properties and demand from tenants comes back into balance."