"Existing UK employees now often have to work longer hours with a post-credit crunch reduced workforce, with many people opting to live closer to work, which is now a possibility due to market conditions pushing down prime London rents. This was previously impossible with supply very much in demand and prices at an all-time high", comments Lesley Cairns, Head of Residential Lettings of Hamptons International.

The fall in overseas corporate workers has also affected property for rent in the countryside. Often cast at the luxury end of the rental market, it has for years been the preserve of senior executives in the UK, typically staying for 2-5 years. However, contemporary distrust and lack of confidence in the global financial market has meant that UK firms are increasingly unwilling to bring in key personnel from abroad.

It is difficult to predict just how long this trend will last- but until then, Londoners especially should be happy about lower rental costs! Iwona szymanska