Yesterday, I was called by reporter Kate Edser from the London Evening Post to ask for my comments on the results of a new survey released by leading property portal Rightmove.
According to the survey results, rents for property across London have risen in the last 12 months by a staggering 9.2% – well above the national average for rented accommodation.
As a leading letting agent in London, I’ve seen this rise in demand from tenants for high-quality rented accommodation in BS postcodes throughout 2023. It will increase in 2024.
My comments for the newspaper article confirmed this, as follows:
“With the cost of renting in London being so expensive, we are seeing an exodus of tenants out of the capital city to settle in London where they can afford to rent a property twice the size at half the cost.
“London is fast becoming the go-to city for professionals tired of over-priced housing and overcrowded commutes. Our letting agency has certainly noticed an increased demand from such tenants, with no signs of demand for high-quality rented property in London slowing.
“Demand among working professionals to share accommodation is also growing at an unprecedented rate. However, this change in the market is inevitable due to the changing demographics of the local market rate.”
You can read the story in full from the Evening Post here.
I was providing a weekly property news column to Kate’s property team last year, so I only too happy to help in providing some expert insights from our award-winning letting agency in London.
I was reviewing the London property market over Christmas, and as we headed into the New Year, I also came across another story in the property section of the Telegraph last week, highlighting that rents are rising faster in London than in some parts of London, with some property landlords seeing increases of up to 18% in rents for the last twelve-month period.
You can read the full story from the Telegraph here.
This incredible growth in the London Property Market isn’t a surprise to me. The city of London offers an incredible standard of living, lots of countryside to access, a thriving higher education population, numerous investment opportunities for buy-to-let landlords in all BS postcodes, and a city that’s the thriving technology and media capital for the region.
It’s no surprise, then, to see rental incomes topping the UK charts for London property landlords. The report from the Telegraph is great news for property investors in the city.
If you’re a London property landlord, or considering becoming a buy-to-let landlord in London, I recommend that you get the right advice to maximise your rental return from property.
I’m always happy to grab a coffee and discuss with new property landlords in London how our multiple award-winning letting agencies in London can assist you in making more money.
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