London rental prices hold firm despite Brexit deliberations
- 22nd October 2019
- Buy-To-Let Property News
Improving standards of rental properties across the capital continues to drive demand
New data reveals that private rental prices in London have continued to edge their way up, with an increase of 0.8% in the last year - overcoming Brexit noise.
One of the reasons why rents are continuing to rise, is that London’s and the UK’s stock of rental property is continuing to benefit from a high amount of investment that has been made by buy-to-let investors in the properties they own.
Data from Interbay reveals that the proportion of non-decent homes in the private rental sector has fallen from 44% to 24.5% in the last decade. These improving standards continue to drive demand for rental properties across the capital, subsequently the price that tenants are willing to pay has also risen.
Whilst the slow pace of new housebuilding has slowed the number of people leaving the lettings market for the owner occupier market, more young tenants are looking to rent for longer. That is partly because rental property is now much more attractive than a decade ago. As landlords invest and add value to their property, demand for rental properties across London has continued to rise.
London continues to attract a growing number of tenants from both within the UK and from abroad. As renters flock to the capital those landlords who choose to invest in refurbishing and upgrading their property are set to see a boost in their financial returns.
Stephen Ludlow, Chairman at ludlowthompson, says: “There is an obvious link between investment in improvements in a BTL property by the landlord and the rental price they can achieve.”
“If you keep the property in excellent condition, making improvements before you’re asked, you can now retain tenants for three years or more and reduce your voids. We’re finding that the average rental period is going up all the time. Indeed, ludlowthompson’s fully managed properties with our maintenance and emergency repair service now have an average tenacy length of 30 months. That reduction in voids from longer tenancies has been a real game changer for landlords.”
If you are looking for a buy-to-let investment in London or already have a property you want to let out, speak to a local expert today by contacting your nearest office.
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period, we ranked number 1 agent in the UK on allAgents.co.uk out of 15,000+ agents, with 5300+ 5* reviews. Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:
Lauren Elizabeth Rowley via google reviews:
“We have had the pleasure of working with Emmanuel, from ludlowthompson’s Canada Water office, in our search for our first home, which so far has been a great experience! I was really impressed with the questions Emmanuel asked me, and the interest he took in our situation. I felt that he listened to what we like and don't like without judgement and has been clear and prompt in all his communication with us. Thanks Emmanuel.”
Phil Plückthun via google reviews:
“Elizabeth, from ludlowthompson’s Canada Water office, was extremely helpful in showing us a flat even though it was already rather late! She was very friendly and gave us very helpful advice and information on the flat, showing her high expertise in property in the area!”
“There is an obvious link between investment in a BTL property by the landlord and the rental price they can achieve.”
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