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London Rental Market Expands Far And Wide
Some Part of London to see Rental Demand increase by 200 percent
In the past one decade, between 2001 and 2011 Barking saw an increase of 230 percent and Tower Hamlets had a rise of 150 percent. Alongside these areas even traditionally established areas in prime central London locations such as Hammersmith, Fulham, Kensington and Chelsea also showed increases of 30 to 60 percent.
Passion for Renting
According to Real estate analysts, London rental market is now spreading across the West and East. This may be the result of a lifestyle change whereby the younger generation and more affluent sections are exploring the style of opting for long-term renting than owning a housing property.
There is forecast on the direction of the future property rental market with prime central London rental hot spots drawing more takers as enquiries are outstripping supply of properties in these areas and providing healthy rental prices to the landlords.
Nevertheless certain kinds of properties continue to be in short supply, despite noticeable price adjustments since 2011. An example is the availability of one to three bedrooms which are smaller and belong to mid size accommodation. It is a hot choice and supports optimum rents in the rental market.
In this growth story, prime markets such as Kensington and Chelsea and Westminster are not left out. Although the rental growth levels have not been very dramatic there, they are also contributing in turning London rental markets into a bigger one.
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