Fall in London residential property rents
The uncertainty of the jobs market throughout the finance sector seems to be having a detrimental effect on rental charges across the London property market.
According to data supplied by city letting agents prime London rents slipped back during last month by 0.3 per cent following a barely there 0.1 per cent increase during the previous month.
The list of new rental properties is growing and demand is failing to keep pace creating more of a gap between supply and demand. April aside London property rents have diminished on a monthly basis since October and are now almost down to the level reached a year ago.
Experts suggested that London properties would be scarce throughout the rental sector due to high demand for short lets in the run up to the Olympics but that does not appear to be the case.
Salary and expenses allowances cut-backs in the finance district of the city has led to a drop in demand for mid-price range properties which is unlikely to change any time soon.