Rental prices for property in London are soaring, as demand outstrips supply, according to figures released by the Royal Institution of Chartered Surveyors.

In the third quarter of 2010 London saw the biggest increase in rental prices in the UK, where prices are soaring at the fastest rates since 2007. Increasing numbers of people are turning to rental property because of the difficulty in securing mortgages. Rental prices are expected to increase still further in the current quarter.