Property investment alert - London’s letting market is booming!

London’s lettings market is now “booming” with some agents even having to take on extra staff to cope with demand from landlords and tenants.

Renting in the UK capital is now a hot prospect, according to commercial and residential specialists Cluttons.

The buoyancy has been created by landlords dropping rent prices slightly in recent months, with new tenants responding accordingly and going for new properties.

Over 70 per cent of Cluttons’ agents are reporting an increase in lettings volumes from the last month, and more than 90 per cent expect lettings volumes to increase in London over the next 12 months.

Cluttons residential agency divisional head Richard Cotton said:

“Confidence in the market is currently very high, and strong lettings figures are a direct result of landlords facing up to the current rental market value of their properties.

“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 firm also said the fact sales are likely to continue struggling would also help the surge in renting.

FindaProperty.com recently said a company survey had revealed 90 per cent of those living in central London prefer having more time compared to greater property space, indicating most are happy to pay more in exchange for a shorter commute.

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