Rental property booming as rents balance out Published: 18/09/2008

The rental property market is balancing out as supply in recent months has led to a softening, according to an expert.

As rents come down due to more supply, those who want to rent property are being attracted to London property as it is now more affordable.

As a result, the rental property market is booming as levels rush in a bid to snap up the best deals on rent.

In August, more than 70 per cent of Cluttons agents reported a rise in lettings volumes, with 91 per cent saying they believe lettings volumes will rise in London over the coming year.

Richard Cotton, divisional head of Cluttons, said the boom is down to London landlords adjusting their rents to "a more realistic level".

He said: "I expect lettings volumes to continue to rise over the coming months, as tenants find they are able to secure the property they want at a fair price.

"The London lettings market is offering excellent value for money, and although there are still plenty of tenants making silly offers, demand for rental property remains high and tenants are quick to snap up good deals."

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