This has opened up a new market for tenants, who are now able to achieve the pied-à-terre lifestyle in areas such as Belgravia and Kensington, at some keenly-priced rents.
Louisa Woodbridge, Lettings Partner at Cluttons’ Belgravia office, said: "The pied-à-terre has long been a status symbol in prime central London, so it is little surprise that their existence has diminished somewhat in recent times as the recession takes hold.
"This has created new opportunities for more London tenants to live in some of the most desirable central locations, at rents they can afford. Pied-à-terre owners looking to generate income from their property are usually keen for a quick return, so this lifestyle can now be achieved at some very competitive rental rates."
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