Buy-to-let landlords hit as rents fall by 20%

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Rents are falling by 20 per cent across London as landlords are forced to slash prices because of over-supply.

Thousands of people who hoped to ride out the credit crunch with lucrative buy-to-let investments are being hit.

Rents have been growing for a year but estate agents today said owners from Kensington to Canary Wharf are now cutting prices by hundreds of pounds.

The owner of a house in Chelsea which was let last year for £2,700 a week is now taking offers for more than £2,000 according to Knight Frank.

Tim Hyatt of Knight Frank said: 'We have noticed a huge increase in stock in the last three to four months, while inquiries have increased only marginally.'

Houses and flats by the Thames that were being let for up £1,500 a week this time last year are going for £1,200.

Experts blamed a glut in the number of flats being advertised as owners decide to rent instead of sell in a falling market.

Savills said some rents had fallen by 10 per cent while Knight Frank said the drop was five per cent to 20 per cent in prime London areas.

The Royal Institution of Chartered Surveyors said new landlord instructions, indicating a rise in rentals, rose by almost a third in the first three months of the year.