Prime property rents in London sliding
News Category: Industry News
Published: 05-Aug-2008
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An oversupply of accommodation is driving down rents in prime areas of London, it has been reported.
A number of landlords have been forced to slash their prices with the Daily Mail claiming that some have reduced their rent by up to 20 per cent with everywhere from "Kensington to Canary Wharf affected".
Tim Hyatt of estate agent Knight Frank said: "We have noticed a huge increase in stock in the last three to four months, while inquiries have increased only marginally."
Mr Hyatt said that oversupply of flats had been especially marked, and cited the example of apartments on the Thames where rents have fallen by £300 over the last 12 months.
Rival agents Savills, meanwhile, has recorded a ten per cent decline in rents of all property types across the capital.
The upsurge in the availability of rental accommodation is being fuelled by the downturnin the housing market, which has resulted in would-be sellers opting to rent out their property instead.
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