Landlord rent levels in prime central London have dropped 7.4 per cent during the first three months of 2009, according to new research.

Estate agent Knight Frank has revealed that this is the second-largest fall on record and it comes following a year of descending rents.

Other key points from the market analysis include the finding that rents are 18.2 per cent lower than they were at this time in 2008.

However, as rents have dropped, the demand for tenancy agreements has been growing.

The number of people looking for rental property has apparently increased by 20 per cent over the past year - although this is offset by a 67 per cent rise in supply.

Liam Bailey, head of residential research at Knight Frank, explained: "We expect rents to stabilise over the next quarter, in many areas the recent declines mean that rents are beginning to offer good value.

"The excess of supply over demand should moderate as the year progresses." revealed this week that there are more landlords advertising their properties on the website, compared to the end of last year.

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