> Rental Property on the Rise in London
that despite the current economic climate, between
the months of March 2011 and March 2012, landlords
with properties in central London saw a 3.7% increase
in their rental growth, equating to an average rent
of £2,430 per calendar month, with properties
in the Covent Garden area being in particularly high
rental price per square foot for properties in this
area is normally between £45 and £55 but
some letting agents have managed to achieve more than
£60 per square foot and found that properties
in highest demand were one bedroom apartments, many
of which were being snapped up by tenants from overseas,
particularly the United States.
it’s not just central London that is experiencing
this sudden boom in demand for rental property, in
fact it appears that most of the city is experiencing
the demand in varying degrees. This is great news
for both landlords and letting agents but why is it
are a number of reasons why demand for rental property
in London is on the increase and most of these reasons
can be put down to the current property market and
the past year mortgage companies have begun to
apply far more stringent restrictions which have
made it much more difficult for individuals to
obtain finance. Gone are the days when an individual
could take out a mortgage regardless of their
credit history or without the sufficient funds
to put down a deposit. Mortgage lenders have also
reduced the amount they are willing to lend and,
unfortunately, are only willing to part with their
cash when they are approached by individuals who
are low risk, with a solid credit rating and can
offer them the biggest return on their money.
Even though property prices have slumped and now would
normally be a good time to buy, very few can actually
afford to do so and, with the increase in mortgage
arrangement fees of 25% in the past three years and
the average monthly mortgage payments rising by between
£100 and £200, the option of renting a
property is a much more attractive one.
who own a second home also feel it is safer to rent
out the property rather than sell at a loss and landlords
who were considering selling have opted to continue
to let due to the high rental demand. Subsequently,
many landlords are now enjoying the highest yield
they have seen in over two years due to their substantial
Coney, who had intended to sell her father’s
property, has had no option but to put it on the rental
market. The four bedroom house, which is situated
in a desirable area of Fulham, was, last year, valued
at £1.25 million after extensive refurbishment
costing £26,000 was carried out.
to the climate it was put on the property market at
£999,950 as well as the rental market for £950
a week. If the property sold at the current asking
price Mrs. Coney would experience a loss of over £250,000
so she is looking to hold off on the sale for the
next couple of years in the hope that the market picks
up and, in the meantime, unless a very reasonable
offer comes in, will continue to rent instead.
reason why rental property in London is in such
high demand of late is due to the 2012 Olympic
Games and some landlords are taking full advantage
of this event by offering rental accommodation
at up to six times the normal rental prices.
letting agent, based in London, is already advertising
lets for the Olympics and one particular property
on their books is a Knightsbridge penthouse being
offered at a cost of £100,000 per week.
It is predicted that this market will continue to
grow and flourish as more and more people opt to rent
rather than buy until the market becomes more stable.
If this is the case then certain restrictions may
need to be put in place to ensure landlords can’t
charge extortionate rents but renting property certainly
does seem a far more feasible option in this climate.
such high demand for rental properties it is imperative
that a good letting agent is used and landlords will
find they can save themselves the excessive fees of
high street letting agents by employing the services
of an online letting agent.
online letting agent will advertise the property in
question on a range of popular property advertising
websites and portals and can even offer full property
management packages which include the securing of
a tenant, undertaking all the necessary tenant referencing
and checks, drawing up the inventory and tenancy agreement
and even collecting the rent.
you are considering renting out a property in the
London area and require the services of an online
letting agent then visit lettingaproperty.com for
more information about finding a tenant online.
is the UK's leading Online Letting Agent.
aim is to provide a cost effective advertising service
for private landlords. In addition, we aim to provide
landlords with a one-stop-shop for all their property
requirements such as gas safety certification, energy
performance certificates, landlords insurance and
the past private landlords have used different marketing
strategies to show off their properties to prospective
tenants. Landlords have had the limited choice between
the classifieds and their local corner shop window!
lettingaproperty.com set about creating their property
website, the objective was simple:
online advertising costs.
2.Provide the ultimate site for Private Landlords
to market their property to a wider audience.
3.Increase Tenants choice of rental property across
are solely dedicated to residential lettings in the
UK. Our core market is aimed at private landlords
looking to advertise property online.
site offers a host of value added services such as
insurance provision for landlords and tenants, private
to-let marketing boards, landlord property management
tools, tenant referencing, legal tenancy agreements
and energy performance certificates etc.
was launched in September 2008 and the site currently
lists in excess of 80,000 properties to rent across