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Rental Market News Wed, 20 Feb 2013 12:56:22 +0000 Although we experienced a slower start to the year than usual because of the snow, we conducted a lot of valuations in January that have since converted into instructions. Despite an increased supply of rental properties in the area prices are holding firm. North West London is an increasingly popular choice for renters due to the numerous excellent transport links, so demand is only going to increase throughout 2013. The most popular properties at the moment are one and two beds, which go very quickly. They appeal to individual or professional sharers who are drawn to the area because of the aforementioned transport links and the welcoming community atmosphere found in places like West Hampstead. As the year goes on I think we will see a further move towards ‘generation rent’ being cemented. There has been a definite shift towards tenants viewing renting as a long term solution to their housing needs; in fact, many of our tenants have been in the same property in excess of 5 years. The market will pick up shortly and we are excited to start finding tenants for the new properties we have been instructed on - take a look at our website if you are considering a move. Want to know more? Call me on 020 7644 2314 to discuss the local property market further. More households rent privately than have mortgages in inner London Fri, 28 Dec 2012 15:39:47 +0000 At the beginning of December 2012 more data was released to the public from the 2011 census. The Guardian reported extensively on the data and created a number of engaging infographics, especially on the topic of housing. The census illuminated a number of changes that have taken place across the UK since 2011, and changes in housing were certainly prominent. Notably, the number of privately rented households have almost doubled, from 1.9 million households in 2001 to 3.6 million in 2011; a rise from 9% to 15%. Consequently the number of households with a mortgage has dropped, from 8.4 million to 7.6 million. Overall home ownership fell from 69% to 64%. Key statistics from the 2011 census:
Property for Mark Carney to rent in London Thu, 20 Dec 2012 15:49:58 +0000 Mark Carney will replace Sir Mervyn King as Governor of the Bank of England in 2013, and details of his remuneration packet were released today. His salary and overall benefits package will stand at a generous £874,000, which according to the Daily Telegraph is 33 times the average full-time British workerÂ’s annual salary. Mr CarneyÂ’s housing allowance will be large by most standards, but wonÂ’t cover the cost of rent in one of LondonÂ’s prime central housing development. We think Mr Carney should look further afield at other excellent locations in London. Places like West Hampstead, Kensal Rise and Maida Vale all provide good transport links into the City and are nice areas to relax in at the weekend. With a young family schools are also likely to be a major consideration – and these areas are home to a number of good schools that his children could attend. Properties Mark Carney should consider renting in London 4 bedrooms, 2 reception rooms, 5 bathrooms An ambassadorial residence for Carney and his family to feel at home in. A detached Georgian mansion located in a gated development this is a secure and safe property. 3 bedroom, 1 reception room, 3 bathrooms An ideal family home close to excellent transport links. A double volume reception room with wood floors would be ideal for hosting small parties. Plenty of outside space will please the children, with a patio and garden. Marston Close, South Hampstead 5 bedrooms, 1 reception room, 3 bathrooms A refurbished large house located close to two stations, providing access into London on the London Overground, Jubilee and Metropolitan lines. 4 bedrooms, 1 reception room, 3 bathrooms An elegant and refurbished apartment in West Hampstead. Communal gardens provide outside space and the Edwardian fireplace gives a typically British feel. Image: World Economic Forum Lettings News: Demand for rental properties in London continues Wed, 14 Nov 2012 18:00:55 +0000 Rents in London continue to rise as demand outstrips supply in the capital. The latest research from the HomeLet Rental Index indicates that rents in the capital are 32% higher than they were three years ago. This compares to a 7% increase over the same time period across the rest of the UK. Demand for good quality London properties is high, and this demand will continue as the cityÂ’s population is expected to grow rapidly over the next 20 years. Excellent transport links and job opportunities continue to bring people to the capital and many stay in the city for the long-term. The HomeLet Rental Index highlights that London and the South East have the highest volume of private sector enterprises in the UK. They suggest that as the competition for jobs and housing increases, average rental prices in London will continue to grow. Ian Fraser, HomeLetÂ’s Managing Director, explains: “Our data shows that on average tenants outside of London are now paying £44 more per month for a rented home when compared to 2009, but in contrast tenants in London are paying an average of £300 more per month. Average rental prices in Greater London appear to be far more buoyant than the rest of UK – however, the continued increase in achieved rental values highlights the growing pressures on the supply and demand of rental stock in the Capital.” It is no secret that buying property across the UK, and especially in London, is out of reach for many wannabe first time buyers. With the average first time buyer 35 years old, an increasing number of young professionals and families are renting while saving for a deposit, keeping demand for a variety of rental properties high. Average cost of renting in London increases Wed, 15 Aug 2012 15:21:53 +0100 The average cost of renting a home in Greater London is 21.9% more expensive than 2 years ago, according to research conducted by HomeLet. The average cost of renting is £789 per month in the UK, although in Greater London this stands at £1,260 per month. In North West London, the average rent for Q2 2012 stands at £1,471, an annual variation of 3.6% compared to Q2 2011. These figures continue to reflect the demand for rental properties in Greater London. Mark Durban, Lettings Negotiator at Paramount Properties, explains the reasons behind the demand: ‘from where we operate in North West London, demand comes from professionals and families. Good schools, excellent transport links and a vibrant community bring people to the area and are the reason why they stayÂ’. Ian Fraser, Managing Director at HomeLet, commented on the rise: ‘Despite most UK regions either seeing a decrease or minimal increase in rental amounts, the overall average cost has risen by 2% over the past 12 months. The main driver behind this increase is the cost of renting a home in Greater London that has increased by 8.4% - more than any other region – throughout the yearÂ’. ‘Renting a home in Greater London now stands at £1,260 a month – the highest itÂ’s ever been, and a massive 85% more than the rest of the UK. Costs do generally increase and peak over the summer months. If 2012 follows this trend, then by September, renting a home in the Capital will be more than double anywhere else in the UKÂ’. Landlord and Tenant News: 'Many benefits' when landlords go green Fri, 29 Jun 2012 16:52:37 +0100 Landlords will see a number of benefits if they choose to switch to renewable energy, it has been claimed. Carolyn Uphill, of the National Landlords Association, said there are lots of ways landlords can make their properties more green. Landlords that install renewable products and demonstrate their green credentials through energy performance certificates will be working to reduce their costs and attract more business (as many tenants will see energy efficiency as a big plus). "The most cost-effective and inexpensive option is to fit loft and cavity wall insulation - this can have a dramatic effect on heating bills, for very little up-front cost," Ms Uphill said. Other ways landlords can go green include energy efficient fridges, washing machines and cookers, which will help to keep electricity costs down, and investing in solar power. Landlords that take such steps will be demonstrating that they are responsible and are looking out for their tenants, Ms Uphill said. "Tenants can also take comfort from the fact that they will have lower energy bills, which is less of a burden, and means that landlords are also more confident that the tenants can afford to pay rent." Landlord and Tenant News: Landlords need to shop around when looking for insurance Fri, 29 Jun 2012 13:44:29 +0100 It's a good move to look around the market when insuring a buy to let property, says one lettings specialist. Residential Landlord News: Staycationing gives boost to rental sector Thu, 28 Jun 2012 14:07:06 +0100 The growing trend of staycationing is giving a boost to the rental market. Buy to Let Investment News: Landlords can benefit from longer tenancies Tue, 26 Jun 2012 12:27:19 +0100 People who have invested in buy to let properties can expect to have tenants in place for longer than in previous years. Buy to Let Investment News London Property Market News: London sees rents rise to their highest level in May Mon, 25 Jun 2012 09:00:00 +0100 Rental values in England and Wales rose by 0.4 per cent to an average of £712 a month in May, according to research from LSL Property Services. Landlord and Tenant News: Rental market gathering pace Fri, 22 Jun 2012 11:24:13 +0100 The number of properties to rent from buy to let landlords is now not far behind the number of houses on the market for sale. Landlord and Tenant News: New landlords should consider insurance for arrears Thu, 21 Jun 2012 12:26:10 +0100 People who are new to the buy to let market should seriously consider policies which protect them against their tenant falling behind with their rental payments. Landlord and Tenant News: Students value quality over cost Fri, 15 Jun 2012 14:13:36 +0100 Contrary to popular belief, students are more concerned with the quality of their rental property rather than its location or monthly cost. Landlord and Tenant News: Tenants need to make themselves appealing Wed, 13 Jun 2012 17:04:00 +0100 Because competition for rental properties is so fierce at present, people who have invested in the buy to let market can afford to be more picky when comes to taking on a tenant. Landlord and Tenant News: Number of people looking to rent will continue to rise Wed, 13 Jun 2012 09:38:10 +0100 Buy to let continues to look like a good investment as new figures show that more and more people are looking to rent properties. Landlord and Tenant News: 85 per cent buy to let mortgages are back Mon, 11 Jun 2012 16:03:41 +0100 Many landlords will be pleased to hear that at least one lender has begun providing buy to let mortgages at up to 85 per cent loan to value (LTV) again. Landlord and Tenant News: 79 per cent happy with their landlord Fri, 08 Jun 2012 07:54:48 +0100 Keeping a harmonious relationship with tenants is always a good move for people who have invested in buy to let properties. Mark Durban, Senior Lettings Negotiator at Paramount, added: “To keep the relationship between landlord and tenant smooth it can be valuable to employ the services of a managing agent. An agent has experience of managing both tenant and landlord needs, ensuring that maintenance issues are completed quickly and that all aspects of the tenancy are legal and fair." Landlord and Tenant News: Landlords should check properties regularly Thu, 07 Jun 2012 08:30:19 +0100 Although it may cause a little frustration to the tenants, landlords should regularly visit their properties to ensure that there are no issues with the roof or chimney stack. Landlord and Tenant News: Rental values continue to rise Wed, 30 May 2012 15:13:34 +0100 Rents grew further in the three months up to the end of April due to increased demand from tenants. He added that all indicators at present point to demand for rental properties outpacing supply so rent values will increase further over the course of the next 12 months. Landlord and Tenant News: Landlords need to think carefully about their insurance needs Mon, 28 May 2012 11:49:55 +0100 Landlords are being advised that a one size fits all approach to property insurance is not a good move. |
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