Rents for prime property in central London hit a down patch | Europe | News
Prime central London residential property rents fell by a further 0.6% in the first quarter of the year from £1,043 per week to £1,032, according to the latest report from Cluttons.
This follows the record breaking increases experienced in 2011 which the firm describes as an exceptional period for the capital's lettings market with quarterly growth well above the long term rate.
It says in its London View Quarter One 2012 report that the market is now entering a period where annual rates begin moving closer to the historic trend, although Cluttons' research also shows that the trend rate of rental growth has increased.
Annual growth over the past five years averages 5.6%, almost twice the long term rate, pointing to the overall improved performance of the rental market. The underlying drivers of the sector would affirm this, with growing globalisation of business in London combined with the declining ratio of owner occupiers to renters, boosting overall rental demand.
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