If you Want to Rent, act Quickly - it's a Landlord's Market out There

LONDON, October 19, 2010 - New statistics from one of the leading London letting agencies
(www.brlets.co.uk/) show that the capital's rental market has swung
decisively in favour of landlords.

Benham & Reeves Residential Lettings, which has 10 offices across the
capital, says the market is now driven by a severe shortage of properties to
rent - in the three months to October the firm had 23% fewer homes available
than during the same period of 2009.

The trend is fuelled further by tenants who are unwilling to move because
they know they stand little chance of finding better, cheaper properties. A
record 64% renewed their tenancies in the last quarter, one-third higher than
in the same period of 2009.

"My advice to tenants is to put down a deposit as soon as they see
somewhere they like. That may be the only way to secure a home: the market is
so competitive now we're routinely seeing rival applicants offering above the
asking rent. The busiest sectors are those between GBP500 and GBP700, and
between GBP1,000 and GBP1,500 a week," explains Marc von Grundherr, director
of Benham & Reeves Residential Lettings

Even dramatic gestures do not guarantee success. Some of the firm's
corporate tenants offer two or three years' rent up-front; ironically this
can have a negative impact on a landlord's tax status so does not always mean
a deal can be done.

Benham & Reeves Residential Lettings' figures reinforce data from the
Association of Residential Lettings Agents (www.brlets.co.uk/), which
shows that the number of tenants looking for property to rent is now twice as
high as in 2007, and has reached an eight-year high.

London lettings (www.brlets.co.uk/), of course, has amongst the
highest demand across the UK according to the ARLA survey - 73% of lettings
agents in the capital say they have more tenants on their books than
properties to offer, with the imbalance worsening as more and more first time
buyers find they cannot obtain mortgages.

"A shortage exists in every sector. For example, there are many more
sharers around now because one bedroom apartments are very scarce in central
London. This makes it hard for people on lower budgets to find a home" says
Marc von Grundherr.

"My advice to a would-be tenant is simple. If you find something you
like, don't wait - grab it!"

Editor's notes:

With 10 offices in the prime residential areas of London (and overseas
offices in Singapore, Hong Kong, Dubai and India), Benham and Reeves
Residential Lettings is recognised as London's largest, independent
lettings-only agency. They are also one of the only lettings agents to offer
an interior design, refurbishment and furnishing service for investment
properties.

    Press enquiries:

    Tracie Lack
    +44-(0)20-7433-6670
    brmarketing@brlets.co.uk

www.brlets.co.uk

Press enquiries: Tracie Lack, +44-(0)20-7433-6670, brmarketing at brlets.co.uk