Capital rental property market thriving despite downturn
Published: 07-May-2008
Rented accommodation is still as popular as ever in London despite the economic downturn, experts have claimed.
According to Foxtons estate agents, an increasing number of people are moving to London and renting rather than buying.
Ed Phillips, lettings director at Foxtons, revealed that the market condition had led residents to adopt a more cautious approach - leading to a rise in the demand for rented accommodation.
"Despite the doom and gloom about the current economy there are still high volumes of people moving to London and relocating here," he said.
"It is sometimes this group of people and others who would have considered buying a property last year but are now waiting to see what happens with the market.
"On average there are have about four to five applicants for each property, so we are seeing things go quickly," Mr Phillips added.
Meanwhile, the Halifax house price index for March 2008 revealed that house prices in Greater London rose by 1.6 per cent during the first quarter.
