Property owners in London and the South East have apparently taken to selling their properties and moving into rented accommodation. The Royal Institution of Chartered Surveyors reported that some people are also selling off their rented properties in order to take their profits.
RICS said that the number of rentals have fallen in the last quarter in London and the South East but are still rising in the Midlands and the North. A spokesman for RICS said, "we have noticed a change in the lettings market. There has been renewed tenant interest in smaller properties, as would-be buyers are renting temporarily and waiting to see if house prices fall".