Letting agent: Rents are rising in London
News Category: Industry News
Published: 27-Jul-2010
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A letting agent has told how rents are rising in London due to a steady improvement in the capital's jobs market.
According to Knight Frank's London Lettings Index for the second quarter of 2010, rents have increased by almost ten per cent in the city over the last 12 months.
The letting agent also found that landlords received 2.6 per cent more in rental income at the end of June than they did at the beginning of March.
However, Knight Frank pointed out that rents have some way to go until they match the recent peak price in March 2008, with current rates 12.4 per cent lower than that level.
Liam Bailey, head of residential research at the letting agent, said: "The supply of available properties to rent has dropped by 25 per cent and 64 per cent compared to the level a year ago and two years ago respectively."
Earlier in 2010, Knight Frank stated that public sector jobs cuts pose a threat to the health of the property market.
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