More tenants are renewing rental contracts - a win-win for tenants and landlords
- 26th September 2018
- Renting Property News
11% more tenancy renewals in London this quarter than the previous – our thoughts on why this is great news for tenants and landlords alike
New ludlowthompson data shows that the number of tenancies being renewed through our offices has risen by 11% this quarter, compared to last quarter.
This relates favourably to the average for the whole of the UK, where recent data shows the number of tenancies renewed rose 2.5% last month, compared to August 2017.
The Government has been promoting long-term tenancies recently. It seems like more Londoners – more so than the rest of the country - are looking to stay in their rented property for the foreseeable future.
We think these results prove something we have always said: London is a great place for renting because the capital is a place where people want to be for the long-term. Long term rents offer greater financial stability for tenants and landlords alike, allowing both sides of the agreement to plan their finances more effectively. Indeed, a long term let of 36 months delivers landlords with a 0.5% higher net return over a one-off 12 month lease.
London is well-known to be a ‘destination’, with its mix of excellent job prospects, cultural hotspots, and nightlife making it an attractive place to live. These factors combine to draw in the best and brightest, both from the UK and overseas, who are looking to start a long-term career in the city and who need properties to live in.
With London’s transport links always improving, the capital is becoming more and more accessible each year, increasing its attractiveness.
Stephen Ludlow, Chairman of ludlowthompson, comments: “By committing to spending another year or two in the same place, renters are able to plan ahead and create a life in a local community, whilst landlords can rest assured that they’ll be receiving a continued steady income from their investment.”
"The rise in the number of rental renewals in the capital shows that generation rent are looking to remain in good quality rental accommodation for an extended period of time. This is a factor that, as well as tempting new entrants in, will undoubtedly encourage existing Buy-to-Let landlords to remain in the sector, or even increase their portfolio.”
Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:
“I managed a tenancy through this agency and the process was fast and smooth. I am glad that agent Lewis proposed and showed me some additional property in what in fact was a destiny move. Now we are living there. I also enjoyed talking to him by the way. Agreement itself was managed through agent Alexander who seems to have great experience in the industry. He was polite and coherent during negotiations. Overall, apartment is great, guys are doing a good job.”
- Boris on Google Reviews
“Really great experience with this company. Treon was very helpful and accommodating and I felt we were receiving good, honest service. I would recommend this company.”
- Katie Whitehead on Google Reviews
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms . Over a three year period we are ranked as the number 1 agent in the UK on allAgents out of 15,000+ agents, with 5800+ 5* reviews, and we are linked with feefo, a global Google Partner giving the customer another place to search for independent reviews of the company and the individuals that work at ludlowthompson.
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