Accidental landlords urged to consult letting agents

News Category: Marketing

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Property owners in London have been urged to seek advice from letting agents to ensure they meet tenants' expectations.

According to Andrew Smith, head of insight at property industry website Primelocation.com, the corporate sector in London has been affected by job losses in the economic downturn, which has had a knock on effect on demand in the lettings market.

"We would urge frustrated sellers to think carefully before they decide to rent and to check first with letting agents to see if their property is appropriate for the local market," he said.

Mr Smith's comments come after asking prices in prime London areas increased by 0.55 per cent in December, according to figures published by Primelocation.com.

Nationally, research has shown that more Britons opted for rented accommodation as the credit crunch took hold of the UK economy last year.

Estate agent Your Move recently reported that rental demand in December was 63 per cent up on the same month in 2007.

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