The property market in the City of London is dominated by commercial premises because there is such high demand for office space in the area. This naturally has an impact on the residential sector in many parts of the Borough, meaning there are fewer homes available than in many other boroughs. The lack of supply coupled with the appeal of the location means demand and prices are both high.
Property owners in the City of London could stand to make excellent returns by entering the rental market. Homes here have the potential to generate a fantastic monthly income, especially properties which are in top condition and feature facilities which appeal to the professionals who work in the area. It is believed that 11 people are chasing every single room available to rent in London, and this number could be even higher in the City because of limited availability.
There are a number of different options for prospective landlords in the City of London including private lettings and council leasing. Each offers different costs and benefits so it is important to carefully consider all options to determine which will suit your needs the best.
Council leasing is a great option for landlords who don’t want to be involved in the lettings process and want to ensure they get a set income every month without fail. Rather than letting the property yourself or with help from an agent, you can pass it over to the Council or a local housing association. They will therefore bear the responsibility of finding tenants and looking after the property. You’ll get an agreed amount each month for the period you sign for.
At Finefair we are committed to supporting landlords in the City of London and helping them to choose the best letting option. We will happily discuss the pros and cons of each choice and provide all the additional information you need to help you make a decision. We can even guide you through the process of transforming a home into an HMO if you are looking to maximise your income. If you have any questions, please feel free to contact us.