Rents falling in upmarket London locales

News Category: Industry News

This article was brought to you by Rentman the premium rent management software

Rents in prime London locations are beginning to fall, as a result of landlords flooding the market with rental accommodation.

Cluttons letting agents reports that the supply of property for rent in areas such as South Kensington, Chelsea and Knightsbridge have doubled over the last year.

The result of this glut of supply has driven rents for the properties down by five per cent, the firm claims.

Amelia Greene, partner for lettings at the company, said: "To prosper in the current conditions, landlords must have realistic expectations regarding rental income and steer clear of void periods at all costs."

"A number of 'accidental landlords' who have come to the market reluctantly after failing to sell their property, are refusing to budge at all on the asking rent, instead settling for void periods which professional landlords know are seriously detrimental to yields."

Ms Greene advised landlords to ensure their properties are in a good state of repair to help secure tenants.

Buy letting agent software that works