Leicester Square in late November 2008

Average rents in prime central London declined -9.6% in the fourth quarter of last year, according to the latest report from Knight Frank.

This was the third consecutive quarterly price fall, as well as being by far the biggest downturn since the report began in 1995. The previous record drop was a comparatively small -2.1% in September 2003.

Residential property rents in prime central London have now fallen by over -12% over the last 3 quarters, taking rents back to the levels of March 2007.

Source: FindaProperty.com

This entry was posted on Thursday, January 8th, 2009 at 2:15 pm and is filed under For Tenant. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.