London 'a landlord's market'
London is now a landlord's market, with an average of six potential tenants chasing every available property.
This is the conclusion of a new study by estate agent Marsh & Parsons, which shows a massive rise in demand for rented accommodation in the capital.
Just five months ago, less than two applicants were chasing each property.
Demand is higher in some areas than others, with landlords in Clapham, Barnes and Battersea all experiencing huge levels of tenant interest.
In these parts of London, there are 12 renters to every available property.
Rent prices have jumped as a result and many landlords are issuing statutory eviction notices
to their existing tenants in the hope of re-letting at a higher price.
Commenting on the findings, March & Parsons spokesman Patrick Littlemore said: "This is the peak of the year for activity with the start of the school year and the university year about to begin.
"The milk round, when employers seek graduates, is over and there is an influx of young foreign graduates coming into London which is helping to drive demand."
Posted by Gemma Roskell
- Landlord and Tenancy News from Lawpack: Solicitor-approved tenant eviction notices and expert eviction advice with Lawpack's Tenant Eviction Kit
Published on: September 29, 2010
Did you like this article? Share it!