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Property experts reported more evidence of a recovery in the London housing market, with research showing rental prices are beginning to level out.
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.”
Reader views (1)
when the vast amount of repossessed properties currently being held by the banks is released onto the market both the price of houses and also residential rents will resume the downward spiral. This will be a good thing for everybody except the estate agents.
- Gareth Mills, London, 24/08/2009 11:54
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