In August Multi-Let London revealed that Greenwich offers the best rental yields of any inner Borough in the capital. The market in the area is fantastic, offering the most affordable average rental rates coupled with attractive purchase prices. The rates results in high demand from renters. The house prices means investors can see their money go further than it would in other areas.
Room rents in Greenwich are cheaper than in any other area within inner London. This makes them very attractive to students at the local University as well as commuters. Tenants choose this kind of option for both financial and social reasons, making it a doubly attractive proposition.
According to the data the average room rent is up 12% over the course of the year, reaching an average of £805. There are some areas in the Borough that are even cheaper than this though. For example in Charlton rooms can be as little as £554 a month. Abbey Wood is also seen as an affordable area but has enjoyed the highest growth in rental rates over the year. This has been an impressive 21%.
This shows the opportunities that investors can enjoy in the Borough. Opting to let a property as a House in Multiple Occupation (HMO) can offer the chance to increase rental yields even further and there is good demand for these kinds of offerings. Transforming a property into a HMO can be tricky and you need to adhere to all regulations but the rewards are very impressive.
At Finefair we can provide landlords in Greenwich with advice about HMOs and help them to address the opportunities they present. We offer this alongside our other lettings services, including block management, to ensure our clients understand all of the options available to them.
Whether you are looking to transform an existing standard property into an HMO or want to purchase a new property with the aim to turn it into one, we can help you. Once the transformation is complete we can handle the management for you, ensuring you receive a professional, round the clock service.