News

Upmarket London Rentals Booming - Evening Standard March 06

Demand for rented flats and houses in the most expensive parts of London is running at its highest level since the dot-com bubble burst in 2002.

According to the Association of Residential Letting Agents (A.R.L.A), only 5 per cent of its members believed in 2002 that there were more tenants than properties available, while today the proportion is 48 per cent a near tenfold increase.

Over the last six months, rentals have risen significantly with 55 per cent of agents reporting increases. Average weekly rentals for a house in a prime London location are now £602 while flats cost on average £405.

This is about a third higher than the rest of London and double rentals seen across the South East.