Tenants in London can 'pick up a bargain'

06 2008
Rental demand in London continues to be high as growing numbers of professionals flock to the city for work, industry experts have reported.

According to a new report, tenants in the capital are benefiting from high-quality, new-build rental accommodation, which has been acquired by buy-to-let landlords who are now keen on taking advantage of the strong market.

Furthermore, given that many investors are now feeling the pinch of the credit crunch, tenants looking for a property may be able to find themselves a bargain, Stephen Ludlow of the estate agents Ludlowthompson has suggested.

"They (tenants) are benefiting from the fact that quite often those blocks have got nothing but buy-to-let property in them and the only way to get them let out is with a price reduction," he said.

The comments come soon after Primelocation's latest House Price Index revealed that London property prices increased by 3.1 per cent in February, with the cost of a home in the capital now at a record high.

This is likely to further increase demand for rental accommodation as would-be buyers are priced out of the market. ADNFCR-1219-ID-18581360-ADNFCR

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