With findings from the 2011 Census hot off the press, we have discovered some intriguing facts for anyone who owns buy-to-let property in London.
The Census reveals there has been a large rise in the number of people renting privately across the country, up from 9% of all households to 15% on the day of the Census. And it seems London is the city where renting is becoming increasingly popular.
In inner London, the number of people renting is greater than the number of people with mortgages, with 29.2% renting against 19.4% who have mortgages. Since 2001, home ownership in London has fallen by 12% while the number of people renting has risen by 60%.
What does this Mean for London’s Landlords?
While these statistics are just a snapshot, they reflect the trend we’re seeing at our 10 London offices. London has the largest concentration of renters in the UK, with demand continuing to grow. Part of this is due to house prices and part to restricted mortgage lending. Then there’s the trend for younger people to rent as it offers a more flexible lifestyle and, of course, the demand from the many overseas professionals and students coming to London to work or study.
But while rental demand in London is firmly on the up, there will always be fluctuations in demand depending on market conditions.
So What can You do to Make Sure Your London Rental Property Lets Quickly?
Stay competitive. 2013 may see fewer tenants around and that might mean being flexible on rent – better to have a tenant in place paying a lower rent than risk a void period where you are receiving no income at all.
Equally important, make sure your property looks good. Furnished, well presented properties always let more quickly so consider refurbishing or replacing furnishings to attract the best corporate tenants.
The key is to offer value for money – that’s what all tenants are looking for in 2013 – irrespective of budget.
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