London still popular among renters despite 'doom and gloom reports'

07 2008
London still remains a popular destination for people looking to further their careers, experts have revealed.

In spite of recent reports that the capital is currently suffering in the wake of the global credit crunch, local estate agents have reported that demand for rental property remains as high as professionals are not deterred from making a move to the capital.

Significantly, with house prices in most areas of London remaining too expensive for most people, many are choosing to rent rather than attempt to buy a property.

This growth in demand in rental accommodation has been further boosted by the fact that some buyers are also choosing to wait and see which way the market goes before they make any big financial commitment.

"Despite the doom and gloom about the current economy there are still high volumes of people moving to London and relocating here," Ed Phillips lettings director at Foxtons, explained.

"The levels of business so far this year are more in line with what we would expect to see in the typically busiest time of year between April and November."ADNFCR-1219-ID-18582618-ADNFCR

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