Over the course of the past five years, the average rental values across central London have risen by 15%. However, if we consider the effects of inflation, average weekly rents are just 1.4% higher than at the beginning of 2010. This makes the rental market a more accessible tenure than the sales market. Census data reveals that the primary contributor to the private rented sector becoming so popular with Londoners is affordability. Over a quarter of London households now reside in rented accommodation. This signifies a 15.5% increase in the last decade and in central London the proportion is even higher.
Further driving forces behind the tenure shift away from owner occupation and rented accommodation are the scarcity of affordable housing and the increasingly tightening restrictions on access to mortgage finance. A breakdown of performance by particular property type in 2014 shows that flats performed better than houses throughout central London in terms of rental growth last year. The average weekly rent for flats and apartments increased by 7.8% in comparison to houses that saw an increase of 5%. Weekly rents achieved an average of Â£882 per week across prime central London and when compared to the 2008 peak in the sales market, average weekly rents were 11.9% in 2014.
If you are considering the purchase of a buy to let property investment in Havering or any other part of London, or you are already in possession of one or more properties, we can assist you with a full range of professional and comprehensive services. We work with all kinds of landlords and we offer the ideal solution regardless of your level of experience.
Our guaranteed rent scheme is extremely popular with landlords that wish to make an attractive income from their investment properties but do not have the time to manage their tenancies. We can secure your tenants, cover inspections, repairs, tenant relations and ensure that your monthly income is never interrupted even if your property is vacant for any period of time. We are the leading provider of guaranteed rent schemes throughout every London borough and our expertise and industry knowledge ensures delivery of long term prosperity and financial solutions.