The new index from Landbay Rental has revealed the fastest rising rents in London to be those that apply to three bedroomed properties. The index is the first to track rental trends to the county and London borough level in combination with the number of bedrooms. London has seen a 4.6% year on year growth in August, compared to a 3.3% rise on all properties nationwide.
Three bed rental growth has been the highest in the areas offering the easiest commute to London, which is always a major contributor for tenants when looking for rental properties. The data shows that despite the rise in rent in the capital and the rest of the UK, the demand for rental accommodation continues to increase.
Since a slight decrease in 2013, rental rates have performed well and landlords and investors across London are in a prime position to benefit. If you are an investor or landlord looking for your next opportunity, a three bedroomed family home is proving to be an attractive proposition. These properties are not only performing well at present; the rental rates for three bedroomed properties also incurred the smallest reduction in the 2013 dip.
There has also been a significant rise in families with young children looking for family homes. Overall, the data indicates a market that is growing steadily and sustainably over the long term and the prospects for expected future demand are very positive. More than half of landlords are expecting demand to increase over the next 12 months and with low void periods rental yields remain on a gradual upward trend. In accordance with recent surveys, 43% of landlords expressed intentions to invest in terraced properties which shows a rise from 38% in the previous quarter.
As the preferred property management specialists and lettings agent in the City of London, we can assist established and first time landlords and investors with every aspect of their property endeavours. Our investor and pre-auction services will ensure you find the right property and we can provide comprehensive guaranteed rent schemes and full property management. We focus on helping our clients make their investment properties work for them whilst relieving them of the responsibilities of management and maintenance.