Saturday, April 29, 2006
Category:
Property
London's rental market is booming, the latest survey has claimed.
The Association of Residential Letting Agents (ARLA) found that 48 per cent of its agents believe the balance of demand, calculated by comparing available properties with prospective tenant numbers, has tipped towards favouring supply.
This compares to only five per cent believing the same in 2002, showing a pronounced increase in the prime rental market which will buoy property investors.
"Much of this London market is driven by the financial sector, so not only is this a sign of confidence in London but the ripple effect should have a major impact on rental markets away from London," ARLA chief executive Adrian Turner remarked.
Buy-to-let investors will be especially encouraged by the survey's findings, which reported that the majority of ARLA agents had seen rent levels increasing over the past six months.
