BBC: Rents Rise As House Prices Fall
llustrative photo: Great West Road, Hammersmith, W6, 2-Bed, Price: £2,600 per month
(c) Featherstone Leigh
BBC talks to a tenant who’s rent has risen, and a landlord, who has put up rent in his property:
Landlord EuGin Song owns 20 properties in the London area, valued at more than £4m.
In one of them, at the top of a huge mansion block in Hammersmith W6, he confesses that he is among those who have been increasing rents.
“Last year, I was charging £700 for a two-bedroom flat in West London. Now I get up to £800.
“The reason, he says, is increased demand. People are reluctant to buy houses while prices are falling, and many are deciding to rent until the market improves.
“As a result, more and more people are coming into the market for rentals. Some people are even selling to rent.”
The article also suggests that there is particularly strong demand in Sourth East London. With new jobs at Heathrow’s Terminal 5, as well as at the 2012 Olympics site, there is particular pressure to find a place to live.
