What is going on with the London property market? - Lettings

-Just let in Old Brompton Road, SW5; a "family" flat let to professional sharers, asking 925 per week




More evidence today that increased demand for smaller flats is pushing prices, and encouraging many young professionals to look at sharing flats to rent in London rather than taking the plunge and renting individually.

Chard's South Kensington lettings office has just found new tenants for this four bedroom flat to let in Old Brompton Road near South Kensington and Gloucester Road. It had previously been let to families. This time round it's been let to three sharers, all working for city based banks. At around 300 per week each, tenants are finding more choice and better quality rental accomodation when they get together and share. There's also the perception that it offers more flexibility as in practice getting landlords to agree to and actually finding a substitute tenant is often easier in a shared flat. As tenants tighten their belts in the face of rising living costs this trend is increasingly taking up the slack where we're seeing more instructions for similar mid price range flats and houses to let in London.