For immediate release: Thursday 26th February 2009
Contact Maud Rousseau, Associate Director
Tel: 020 7886 0327 / 07813 850 341
• Surge in rental property supply has pushed monthly UK rental asking prices down by 1.2% and 4.8% over the year.
• Average rents in February 2009 were £830pcm compared with £840pcm in January 09 and £872pcm in February 2008.
• Increased tenant activity reduced the average time a property is on the market by one day to 70 days over the month, but time on the market remains up 15 days year-on-year.
• In London, areas that are heavily dependent on City workers as tenants such as City of London, Tower Hamlets and Kensington & Chelsea are experiencing significant rental price falls, in some cases up to 11.7% (=£221). More affordable outer London boroughs are proving much more resilient.
• Excess supply and falling rents is a pattern replicated across most of the...