Low-value homes 'in demand'

News Category: Marketing

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Landlords and letting agents are finding it easy to attract tenants to lower-value homes in some areas of London, research has suggested.

According to a residential lettings expert, many Britons looking to rent in the current financial climate are opting for cheaper properties to reduce their outgoings.

Lynn Hilton, a partner at Cluttons, singled out strong demand for one and two-bedroom homes in areas such as south Kensington and Wapping.

She added that some savvy tenants are bargaining with their existing landlords to achieve better deals.

"London's tenants are enjoying the greatest choice of rental property for years, combined with cheaper rents and greater negotiating power," Ms Hilton said.

Her comments come after figures published by letting agent Your Move showed a 56.4 per cent increase in year-on-year rental demand in January.

David Newnes, managing director at the firm, commented that many would-be homebuyers opted to rent last year after being unable to secure a mortgage amid the economic crisis.

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