There are two schools of thought on the over supply theory.
1. If you try to get 1,000 p.m. for a 1 bed then you will feel that there is an over supply as it will be hard to rent.
2. If you try to rent it at 850 - 900 you will have a good level of interest and believe that there is still a high demand out there.
There are still a lot of dives out there and a lot of people looking for somewhere nice to rent. If you pitch a fair (bit still profitable) rent you will get people.
I helped a friend get a place in D8 (a 2 bed apartment - no parking). A man met us and asked if we wanted to see the apartment - assuming he was the guy my friend had arranged to meet we looked at it, but he said he wanted 1,200 - we walked away.
On our way out of the apartment block we bumped into a second man who asked if we had rang him to see the apartment! He showed us a 2 bed a floor above the one we had just looked at - except is cost 1,000! We went for it!
The second guy said it was common knowledge in the block that the first guy was trying to "steal" tenants - he'd been trying to flog the 2 bed for weeks at 1,200 - but no one was taking it. Whereas the 1,000 one was only on the market for a day.
It just shows - if you pitch the price right, you'll rent your place! Also, watch out for chancers, there all over the place...