Tenant demand rising in London suburbs, say letting agents
News Category: Industry News
Published: 06-Aug-2008
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Letting agents and landlords in suburban areas of London are benefiting from soaring rents, it has been reported.
Earlier this week the Financial Times reported that a glut of rental accommodation in prime, central London locations, such as Kensington and Chelsea, has seen rents slide significantly in recent months.
However, according to the London Daily News, this trend is being bucked in more suburban locations - with north-west London emerging as a hotspot.
This is borne out by the fact that rents have risen by between 15 per cent and 20 per cent in areas such as Southgate, Oakwood, Morden and East Finchley.
An unnamed local letting agent told the paper that the hike in rents is attributable to the "shift from buying to letting", with the downturn in the housing market causing would-be buyers to rent instead.
The boon is further illustrated by the fact thata four-bedroom house in Southgate which was on the market for £1,300 per month has this year been let for £1,700.
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