Industry News

Rent costs in London to remain steady? July 22, 2010

Property rental prices in London will remain stable over the coming months, one expert has suggested.

Director of Douglas & Gordon Ed Mead said fees have finished increasing for the year, but signs of a busy market could mean values may edge up slightly.

"You had a situation where demand rocketed for rental properties and supply obviously went through the floor. It was a classic economic situation where you had huge demand and limited supply," he added.

Mr Mead noted the lack of dwellings on the market and uncertainty surrounding the election and emergency Budget meant Britons were forced to rent as they did not have anything to buy.

The specialist's comments follow the release of figures from Knight Frank, which revealed rent prices in the London's prime residential sector increased by 9.2 per cent in the twelve months to the end of June.

However, charges are still 12.4 per cent lower than the market peak seen in March 2008.


© Adfero Ltd

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