Property agents in London cater to every need of these people who are well off and rich. They even stay in London paying £12,000 on a weekly basis. Agents provide excellent world class short services for these people by arranging a home out of home. It is because of such tourists the rental revenues in London have been geared back to the top. Houses in Barton Street, Westminister are a popular choice among tourists. Extravagancy and class are the basic ingredients for the demand of such rentals. These mansions close to the London parliament have seven bedrooms, two drawing halls, seven washrooms, children’s playroom and beautiful pool. The weekly charges are around £10,000

London also gets tourists who comes for official and business purposes and stays longer to see the place. These tenants stay for a month or two in cheap yet beautifully decorated apartments. The ambience is great and their stay is made to be very comfortable. There are also many people who rents and stays in London before purchasing a home. This helps them knowing the place more minutely. Providing houses and apartments on rent is a high paying trade in London. Thee firms let even four homes at a time on weekly basis. Hence London’s rental property is certainly showing a hike in recent times after a span of downward business.

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In the month of November, 09 the there was an increase of 5 % bringing the price of an average property to around £162,800 as compared to similar properties in August, 08. The current prices are about 2.7 % more than of last year.  The trend has started slowing down after reaching the highest level.

The Contributing Factors:

• The growth rate considering the previous three months, which give a correct position of the trend moved between 2.8 to 3.8 %.
• The views of the economists, if same trend continues in December, 2009 the gross effect shall be 5 % higher. It clearly indicates behavior of the real estate market is dependent on the labor market.
• One of the reason, why there was no increase in the unemployment, because of a fact that the employers considered a more reasonable option of reducing the working hours instead of reducing the number of workers employed and paying the wages according to the hours worked. This option did affect the income of the workers. The effect otherwise would have been more serious if many people lost their jobs.
• Another factor which was the outcome of lesser mortgage rates in effect resulted in very few persons had to sell their houses the effect of which is reflected in house prices, which reflected stability in their prices.

Source of Information:

The above stated facts and figures from the details made known by the Bank of England depicting the increase in the property loans approved for property purchases, which reflected an increase every month during the last 11 months in continuation. After March, 08 the number of property loans is around 57,500.

Effects Observed:

• There is a very early recovery of the housing market than it was otherwise expected. The fall in the availability of properties has resulted in relative increase in the prices.

• The prediction made by the economic critics is that these prices are likely to witness fall in 2010, when more properties shall be available for sale.

• The market surveys observed weakness in the house prices in November, which is also indicated by, rebound effect in house prices, which has slowed down putting a question on the strength of the economic recovery, which has internal imbalances.

• The facts further reveal that the house prices at present are moving up only moderately as compared with the spring and summer period. The national house prices Index for the month of number has put the increase to 0.5 %.

• One more fact which is of 0.5 % increase in housing prices of November 09 over that of October 09 that there has been very fast rebound recovery from the house prices prevailing in the month of February, 09 which were all time low figures during last 5 year period.

These facts have been revealed by a leading mortgage lender operating on national level.

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