While stock levels of prime rental properties in the capital have continued to grow, the month on month rise of new rental properties is now the lowest recorded since April 2008. As many property owners, buoyed by reports that the market may have bottomed out, now look to test out the sales market, rather than opting to accept a rental value that has seen its average value fall for the last fifteen months in succession.
Andrew Smith, Head of Research for Primelocation.com, said: "While it may be too early to call the bottom of the current rental cycle in the Prime London Lettings market, this month's data does suggest that the tide is beginning to turn. Improved activity and increased demand on the sales side should encourage this process, as accidental landlords take encouragement from improved prospects and re-list their properties for sale.”
