London renters benefiting as 'let setting' booms

22 2008
Young professionals in London are now well-placed to snap up a high-quality rental property in a desirable part of the capital as homeowners look to move to the country and rent out their city homes in growing numbers.

Known as 'let setting', the practice of moving away from the big city is being driven partly by a wish for a quieter way of life, as well as by the current price discrepancies which allow people to use the income on their London homes to support them in a larger property in the country.

One couple eagerly adopting such a tactic, Nick and John, told the Telegraph how they have put their Streatham flats up for rent and are now using the income from these to pay the rent on a cottage in Gloucestershire.

"Financially it makes sense," they told the paper.

"We cover our London outgoings with the rent, and if the market changes we still have two investments in a reasonably up-and-coming area."

And while many let setters become so enamoured with country life that they are now looking to sell their London assets and make a permanent move to the country, most are likely to wait until the market picks up again before doing so. ADNFCR-1219-ID-18695621-ADNFCR

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