Individuals looking for property to rent in Hampstead, London, may find themselves facing a lot of competition.
According to Matt Hutchinson, director of Spareroom.co.uk, an average of seven people declare an interest in every room that comes onto the rental market, while homes with desirable postcodes often get snapped up as soon as they become available.
"The rental boom and subsequent rising rents are the knock-on effect of a stagnant property market, caused by the banks' unwillingness to lend to potential buyers, coupled with the soaring cost of living, which means people now have less cash to put towards a deposit," he pointed out.
"It's highly likely that Brits will rent for longer."
Mr Hutchinson's remarks came after Royal Institution of Chartered Surveyors research found one in three (34 per cent) more surveyors reported a rise in rents in the three months to July 2011, although this is down from the 42 per cent recorded in the previous quarterly period.
London Rental Property News
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