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TODAY'S OTHER NEWS

“A good time to be a landlord in London’ as renters seek long-term tenancies

A growing number of renters in the capital are looking for longer-term tenancies as home ownership becomes increasingly out of reach for many Londoners, new research shows.

Some 59% of tenants surveyed, as part of the Kinleigh Folkard & Hayward (KFH) Annual Tenant Barometer, said that they are expecting to rent for longer, mainly because they find the prospect of purchasing property in London even more out of reach.

The study found that tenants now expect to be renting for five years, which is a 25% increase from a year ago.

But while length of tenancy is growing increasingly more important, the research found that rental price was still the top priority year-on-year, with couples prepared to rent in the area they want to live rather than buying somewhere that is not on their wish list.

Overall, the top five priorities when choosing a property to rent were rental price, area of London, property size, proximity to transport links, and tenancy length, respectively.

But bills being included in the rent and the property being fully furnished are also key factors for younger renters aged between 18 and 34.

Carol Pawsey, group letting director at KFH, said: “The strength of the private rental sector has been well documented and debated, and there is no doubt that the demand for rented accommodation is set to continue.

“In fact, in the first 10 weeks of 2019, our online tenant enquiries were up by 57% on 2018 and tenant registrations across our 46 lettings offices were up by over 25%.

“It is a good time to be a landlord in London, albeit, with changes to legislation, it pays to be partnering with those who can guide you through.”

Poll: Do you think that now is a good time to be a private landlord in London?

PLACE YOUR VOTE BELOW

  • icon

    My tenant into the 5th year, I have not increased the rent for the last 2....loyalty is a 2 way street..

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    Very true loyalty is a 2 way street i have several very good long term tenants who i value greatly.

     
  • Paul Barrett

    Khan...........rent control
    Labour Govt...............increased CGT
    Accidental London LL..................... increased CGT very soon.
    Lots of reasons to give up being a London LL.
    Fed up with diversity.........................white flight which the clever money will follow.
    Rent increases will pale into insignificance compared to above.
    The clever money is getting out of London

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    I'm a Norfolk boy, so don't do London at any money, don't even go there if i can help it, I expect we will be in for a hard time if labour get in, just have to suck it and see.

     
  • Paul Barrett

    Yields are far superior to London outside London.
    Every cycle the London market increases massively.
    This is when most decide to evacuate London taking their massive London gains with them.
    They have no intention of returning so aren't bothered with London prices further increasing the next uplift cycle.
    There is normally only one major uplift cycle in a property buying lifetime and so that is used to exit London.
    London is very poor value now.
    Outside London is where you now can achieve more bang for your buck making yields far superior than London.

  • Daniela Provvedi

    "But bills being included in the rent and the property being fully furnished are also key factors for younger renters aged between 18 and 34".

    Just wondered what other Landlords do about including bills in the rent? I know you can include Council Tax, Water and WiFi as these costs are quite fixed, but surely not Gas and Electricity? Also, wouldn't tenants need bills as proof of address for things?

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    I don't include bills, and other than a cooker i don't furnish , also i don't rent to anyone under 25.

     
  • Paul Barrett

    I include bills.
    I charge more than the bills are to take account of usage.
    Usually it works out that I make about £30 profit.
    I provide

    basic bband(UNLIMITED data)

    TV licence

    Gas/Elect

    Council Tax

    Water(metered)

    This lot is all in about £250
    I charge £300
    Sometimes usage is above the norm but I have a £50 buffer to cover that.
    Sometimes it is nearly all used.
    But so far the £300 allowance has never been exceeded.
    The tenants know I am charging more than normal usage but they appreciate this as they DON'T have to concern themselves with sorting it all out.
    This they prefer.

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