Overpriced high-end rental property is slowly coming down in value. “Landlords have not been budging when it comes to reducing prices, but over-valued homes are coming down and tenants are negotiating, forming some sort of middle-ground,” says Kim Bays from Carter Jonas in Mayfair and St James’s.

Although prices at the high-end have been a bit heady, Bays believes pricing at the middle-to- lower ends of the market is more realistic. “It is about where it should be,” she says.

A number of landlords don’t want to go near corporate bankers right now, suggests Bays. “But it is not all bad news. One deal with a Lehman banker got blown out, but we re-housed him once he found work with another bank.”

Many tenants are staying put, however, reports Bays. “Faced with taking a pay cut or losing a job, tenants realise it is easier staying with the same landlord, who might accept a slight cut.”

Over in west London, the rentals market has been going through the roof with the highly anticipated Westfield shopping centre finally opening, along with newly revamped Shepherds Bush tube station, says Anna Franklin from Bective Leslies Marsh in Brook Green.

“This has brought a new level of transport to the area with the City and the West End now being easier to get to. Also, these improved transport links have made Brook Green and the surrounding area more accessible for people visiting the area to discover its delights – and of course, the shopping centre,” she says.

It has been busy, adds Franklin, who has let a number of properties recently. “There is high demand, but a slight shortage in stock. Prices at the higher end have come down a little due to over-supply during the summer months, but the market remains stable.”