Renters to benefit from more high-end capital properties

07 2008
Professionals in London could soon find it easier to rent properties at the top of the market as the global credit crunch hits home, a new report suggests.

According to the latest figures released by Savills, the economic slowdown has started to affect the luxury homes market, for example in desirable areas such as Kensington and Chelsea and Hampstead.

Over the final three months of 2007 alone, average prices in the sector fell by two per cent, with this downward trend likely to continue and lead to more homeowners looking to put their properties up for rent rather than attempt to sell them in a declining market.

The company also said that it has seen a "sharp fall" in the number of high-end property transactions carried out in 2008, in contrast to a new report from moneysupermarket.com which revealed that renter numbers across the country have increased by five per cent over the same period.

Rental prices are also likely to fall for luxury properties as demand declines as City bonuses become a thing of the past, the estate agents also revealed. ADNFCR-1219-ID-18582619-ADNFCR

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