Higher levels of enquiries for property to let in London

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With rental prices in the capital continuing to grow, more homeowners are cashing in by making available their property to rent in London, according to leading lettings agent Marsh & Parsons.

London, 4th August 2011 - With rental prices in the capital continuing to grow, more homeowners are cashing in by making available their property to rent in London, according to leading lettings agent Marsh & Parsons.

The latest Buy-to-Let Index from LSL Property Services shows that average rental costs in London have soared past £1,000 per month, but could yet rise further, due to an underlying shortage of rental stock.

A lack of rental properties in relation to enquiries is ultimately fuelling growth, particularly in primarily locations, with high demand for property to rent in Barnes and property to rent in Fulham, among other popular areas in London.

Despite a 12.3 per cent rise in mortgage approvals in June, mortgage lending remains at a historic low, preventing many people from buying a home, increasing pressure on the limited supply of property to rent in London.

Based on the high volume of rental applicants registered with Marsh & Parsons, tenant demand has been especially bubbly in recent months. Aside from strong reliance on rental accommodation from frustrated would-be purchasers, Marsh & Parsons has also noted a significant leap in demand from corporate tenants.

Whether it is a property to rent in Battersea or a property to rent in Pimlico, among other primary locations, rental homes in popular neighbourhoods in the capital are highly sought-after.

"The letting market continues to be very strong, with businesses in London without doubt employing again," said Peter Rollings, CEO of Marsh & Parsons. "We've seen a very strong level of corporate applicants coming into London this year with very high budgets."

He added: "Letting stock has been at a premium. I just don't know where all the stock has gone."

Marsh & Parsons generally expect the lettings market in London to remain extremely busy and rental prices to rise further throughout the rest of 2011.

Rollings continued: "London is looking fabulous at the moment. Anyone coming into London to invest in property will be seeing it at its very best. London remains a great place to invest and to live, for businesses and individuals alike. It is an exciting time in the capital."

Marc Da Silva reflects on rising demand for property to rent in London, including property to rent in Fulham, property to rent in Battersea and property to rent in Pimlico.