Research from a property lettings website shows average rents are falling in most areas
Francesca Steele, TimesOnLine.co.uk – 27 Feb 09
The general trend of rents remains downwards. But in locations where the supply of properties remains short, tenants – who assumed that they could bid prices down – are facing increases. Research from findaproperty.com , a sales and rentals website, shows an average fall of 4.8 per cent. The largest decrease was in the North West, where a combination of rising unemployment and the greater availability of rental property caused a drop of 14.3 per cent. In the City of London, thanks to the troubles in the banking and broking sectors, there was a fall of 11.7 per cent. But in half of London boroughs, tenants are paying more on average. In Knightsbridge, there have been several cases of gazumping: a tenant bid an extra £500 a week for a flat up for let at a four-figure sum.
