23 Jul

Prices of properties to rent in London 'will remain stable'

Prices of properties to rent in London 'will remain stable'

People have been encouraged to look for properties to rent in London after an expert suggested that prices will remain stable over the coming months.

Director of Douglas & Gordon Ed Mead said that while rental values rose by 9.2 per cent over the last year in central London, they will start to balance out.

He attributed this rise to "an absolutely enormous decrease in the supply of rental property".

However, Mr Mead said that "rents have done their increasing".

The property professional added that "we have seen the rise that we are going to see for the next year or two".

His comments were made after Knight Frank's findings suggested that demand was driving the rental market.

This was shown as the number of tenants rose by five per cent, while the supply of properties fell by 25 per cent between June 2009 and 2010.

However, Mr Mead stated that the number of properties to rent in London has "increased enormously" during the last three months.
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