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Central London rental rates fall

25th January 2012 | back to article listings BACK    print this article PRINT

Central London rental rates have fallen slightly after a year when buy-to-let investors benefited from a period of significant growth, according to figures.

Rental rates in the heart of London went up by 9% between the final quarter of 2010 and the last three months of 2011, property consultant Cluttons said. The cost of renting in central London was 10.3% above the level measured in the first quarter of 2008.

But rents have now begun to fall back, declining by 0.4% between October and December 2011, while further decreases are forecast for the early part of 2012. A serious shortage of supply in the market drove up rental rates last year, but this is now expected to readjust in the spring.

Landlords have exercised greater flexibility over the last three months as they look to keep good quality tenants in place and avoid leaving properties empty, the report said. Concerns over job prospects and lack of promotion have caused tenants to become sensitive to prices.

Copyright Press Association 2012

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