London Letting; Rents Rise Due To High Demand

Because of the current high demand for affordable housing in London and other parts of the UK, landlords can let out vacant properties at increased rates, LettingZone has suggested.Mark Garner, director and founder of the website, commented that rents are rising because existing tenants believe it is cheaper to stay put rather than forking out to move home.

Off shore landlords with property in London can therefore hold their rents where they are, "but obviously if a tenant does move up then the landlord can up the rents and re-let it quite quickly because there is such good demand".

Mr Garner's comments follow figures released by LSL Property Services, which found that rents in September reached the record high of £689 a month, following eight consecutive months of increases.

London property rents rose by 1.1 per cent while yields on such properties almost reached parity with the UK average.

London Rental Property News.