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London NW6 1SD

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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.

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:

• Home ownership is the most common tenure, despite falling four percentage points from 69% to 64%
• In inner London more households rent privately than have mortgages (29.2% to 19.4%)
• The overall population of England and Wales has increased 7% to 56.1 million
• The percentage of households living in flats, maisonettes, apartments and tenements increased from 14% (3.1 million) to 16% (4 million)
• Single person households increased by 500,000, making up 30% of total household composition (the same percentage as 2001)
• 9% of households (2 million) have one bedroom too few for the number of inhabitants, compared to 7% in 2001. The London borough of Newham has the highest concentration of households living in overcrowded accommodation, with 25.4% of households overcrowded.
• Outright home ownership increased from 29% to 31%
• London has the lowest average number of rooms per household

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 worker’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

Beaumont Gardens, Hampstead

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.

Greville Place, Maida Vale

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.

West End Lane, West Hampstead

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

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, HomeLet’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.

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 stay’.

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 year’.

‘Renting a home in Greater London now stands at £1,260 a month – the highest it’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 UK’.

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."

It's a good move to look around the market when insuring a buy to let property, says one lettings specialist.

David Lawrenson, private rented sector expert at LettingFocus.com, believes that as landlord insurance is something of a niche area it makes sense to compare the products of several providers.

But he also feels that this is the best way of also ensuring your get coverage which is priced reasonably.

"I always advise people not to take out the standard cover that is provided with a buy to let mortgage lender because they would typically have their own insurance set up and I think people should shop around and use brokers," he said.

"I have always shopped around and have got a portfolio of properties that are all on the same renewal date. By having a lot of properties you can certainly get some serious degrees of competition going by shopping around."

The growing trend of staycationing is giving a boost to the rental market.

The UK tourism market is set to receive more than £1.5 billion from people deciding to take their annual break at home this year and many people are benefitting by letting out their property as a holiday home.

Things such as the Queen’s jubilee celebrations and the upcoming London Olympics has meant that more people than ever are taking their jollies in Blighty.

Devon is one area which has seen a large increase in the number of people renting properties for short periods of time.

“There has always been great demand for holiday homes in the South West but this year, due to the staycation phenomenon, we are expecting even higher occupancy levels,” said Nick Spence, director of holiday home company, Green Parks Holidays Ltd.

Homeowners in London are set to see massive interest from people wanting to rent their property during the Olympic Games next month and already many have made arrangements to make the most of this demand.

People who have invested in buy to let properties can expect to have tenants in place for longer than in previous years.

That's according to Gary Styles, risk and economics director at Hometrack.

He believes that as people are now looking to rent properties in record numbers, many are also realising that they can get a slightly better deal with they sign a tenancy agreement for a longer period than the six or 12 month norm.

Mr Styles also feels that asking for a longer tenancy agreement makes perfect sense to landlords who have a property that has, in the past, stood empty for periods.

He said: "The need for that guaranteed yield and locking in the yield could be a factor. For those properties where there are likely to be void periods and issues then locking those yields in would be more attractive [to landlords]."

A recent study from LSL Property Services showed that rental values in London reached their highest ever level during May.

Buy to Let Investment News

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.

The biggest rises were seen in the North West and East Midlands where they increased by 1.7 per cent and one per cent respectively.

However, in terms of annual rental rate rises London continues to lead the way with increases of 4.2 per cent. This is closely followed by the South East at 3.1 per cent.

London also tops the chart for the highest amount of rent received in monetary terms, with the average tenant now paying £1,038 each month – a record level for the city.

David Brown, commercial director of LSL Property Services, said: “The end of spring has brought with it renewed activity in the rental market, and rents have returned to the level seen before the impact of the stamp duty deadline rush by first time buyers.”

London Property Market News

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.

Good rental yields have encouraged thousands of people to take the plunge and become a landlord and this has led to there being a wealth of new homes available to potential tenants.

Figures from Experian show that there was a 6.34 per cent rise in the number of homes advertised for let in the first three months of this year.

This took the number of rental properties advertised in the quarter to 172,290 and put it near to the 187,046 houses for sale in the same period.

In terms of agreed rentals, flats are the most popular and accounted for around 67,500 of all tenancy agreements made in January to March. There were 21,806 rental agreements made for semi-detached properties while terraced houses made up 20,920 of the total number.

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.

Stuart Law, chief executive of Assetz, says that landlords with a substantial portfolio will be able to spread the risk across all of their properties, but people with only a few let homes and those just starting out should look at insurance policies.

"I would strongly recommend that people with very small portfolios - particularly those new to the buy-to-let business or those who haven't got lots of reserves to cover the risk - should consider the insurance,” he said.

“It is a good component of a portfolio. For a small investor who is new to it, it is a pretty good idea.”

He added that it is best to also use a professional letting agency because dealing with tenants directly can cause issues, especially if you haven’t carried out substantial referencing.

Landlord and Tenant News

Contrary to popular belief, students are more concerned with the quality of their rental property rather than its location or monthly cost.

A survey by Manchester-based property company Fresh Start living found that 35 per cent of students view the quality of accommodation as the main thing to look for when viewing houses.

That put ahead of the cost of rent at 33 per cent and location at 32 per cent.

The National Union of Students said that the cost of renting for students has increased by 22 per cent over the past three years, with the average person in higher education paying around £100 per week for a roof over their heads. The cost of student accommodation in London, however, is usually much greater than this.

However, Charlotte Osbourne, a student who helped to put the Fresh Start Living survey together, feels that because tuition fees are changing in September to around £9,000 a year, many students will so have to think about cost over all other things.

She said: “With fees continuing to rise, I feel it is inevitable that British and foreign students will begin to focus more on the price of accommodation as opposed to previous years.  Almost half of those who took our survey feel that the rising tuition fees will make students become a lot savvier with their money.

Landlord and Tenant News

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.

That's according to James Davis, chief executive officer of Upad.co.uk, who believes that that merely having a decent income and a deposit saved up is far from enough to ensure you get a property if you are a tenant.

He feels that viewing a property is much like going for a job interview these days – you have to make a good impression and have all your papers in order.

"Tenants need to make sure that they are packaging themselves up as best as they can to a landlord; ideally being referenced," he said.

"They should [make sure] that they've got bank statements, evidence of their deposit, references from a previous landlord, to stand out from the crowd."

Landlord and Tenant News

Buy to let continues to look like a good investment as new figures show that more and more people are looking to rent properties.

According to the housing charity Shelter, the number of people privately renting their home is likely to jump from 18 per cent to 22 per cent by 2025.

And the number has already risen massively in recent years, as the number of families renting doubled between 2007 and 2010.

In London, it is predicted that renting will overtake home ownership by as early as 2020.

Shelter’s chief executive Campbell Robb said: “This report shows what is fast becoming the new reality of our housing market in the current economic climate: home ownership continuing to fall while renting becomes a way of life for British families."

Landlord and Tenant News

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.

The Kent Reliance, a subsidiary of the RBS Group, is now offering a discounted rate for two years at 5.49 per cent (SVR minus 1.09 per cent) and three years at 5.69 per cent (SVR minus 0.89 per cent).

After the initial period the mortgage will revert to the lender's standard variable rate (SVR), currently 6.58 per cent, for the remainder of the mortgage period but there is no tie at that stage so remortgaging could be a possibility.

A product fee equivalent to 2.5 per cent of the borrowed amount will apply as will an admin fee of £130.

A minimum income of £25,000 is required to apply, regardless of rental potential, and the maximum loan available is £300,000.

Landlord and Tenant News

Keeping a harmonious relationship with tenants is always a good move for people who have invested in buy to let properties.

And it seems that many people are doing a decent job of just that, as a new study from the National Landlords Association has revealed that 79 per cent of tenants in the UK are satisfied with the relationship they have with their landlord.

It also seems that many landlords have taken how the current economic climate affects their tenant’s finances into account, with 63 per cent not implementing any rent increases this year.

David Salusbury, chairman of the National Landlords' Association, said: "There are many landlords who take great professional strides to ensure they are doing the best by their tenants - it's good to see their efforts come to fruition.

"Tenants have high expectations of their rental experience and so I'm delighted to report that the majority are satisfied with their landlords."

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

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.

That’s the advice of Nick Oldridge of roofing website Roofapedia.com.

He said: "With landlords, a renter is not going to mention anything. I never did when I was a renter in regards to the fabric of the building as it wasn’t my concern.

“If you are a landlord you should attend the property at least yearly or twice yearly to do an inspection and see where you stand with your roof structure.”

He added that a failure to repair an issue before comes a major problem could mean that all the income you have garnered from the property soon disappears in payments to tradesmen.

So if you have an existing buy-to-let portfolio or are looking to move into the market, that old adage ‘prevention is cheaper than the cure’ rings true.

Landlord and Tenant News

Rents grew further in the three months up to the end of April due to increased demand from tenants.

The Royal Institute of Chartered Surveyors (RICS) reports that 13 per cent more of its clients reported a rise in rental values than in the previous quarter.

This means that rents in the UK have now grown consistently since 2009 as more people turn to renting a property rather than buying one.

Peter Bolton King, RICS Global residential director said: "The rental market is still fairly buoyant and this looks likely to continue, given the challenges facing the sales market.

“Indeed, mortgage finance may become even harder to access particularly for first time buyers if the euro crisis continues to deepen.”  

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 are being advised that a one size fits all approach to property insurance is not a good move.

High rental yields are attracting a growing number of people to the buy to let market, but David Lawrenson, private rented sector expert at LettingFocus.com, has warned that getting the insurance side of things wrong could have dire consequences.

He pointed out that there are different levels of insurance policy on the market and one which is suitable for a single person in a normal home will not suit someone letting to a group of students, for example.

Getting the wrong insurance could leave you with high and unexpected costs if an accident was to occur in the property.

Mr Lawrenson also believes that landlords should consider the cost of insuring certain groups when they list a property of rental.

He said: "I understand that some insurers are reluctant to cover certain types of tenant, so landlords should think about the type of tenant. You may end up paying more for those groups, and your pool of possible insurers that you could approach would be more limited."

Landlord and Tenant News