Britons living in London have been advised to think carefully before renting their property as an alternative to selling at a low price.

Andrew Smith, head of insight at property industry website Primelocation.com, suggested that homeowners need to consider the impact of recent economic developments have had on letting demand.

For example, he noted that job losses in the corporate sector have made securing tenants more difficult in the London market.

"We would urge frustrated sellers to think carefully before they decide to rent and to check first with letting agents to see if their property is appropriate for the local market,"Mr Smith said.

His comments come as rising competition in the private-rented sector - brought about by an increased supply in the number of homes to rent - could be encouraging some landlords to consider property software or marketing services from letting agents.

Indeed, the need to secure tenants in the current financial climate was also highlighted by figures published by the Association of Residential Letting Agents last month, which showed that the average value of houses in the rental market fell by 8.3 per cent in 2008.ADNFCR-2002-ID-19023000-ADNFCR

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