Lettings in Central London on the Increase; Study Reveals
According to some brand new research, the rental market in London has a soaring demand which has triggered many houses being purchased in record times.
Findings by a London lettings agency reveal that rental houses are being let in of average 12.7 days that is a drop from 13.5 days at the same time last year.
The survey found that in some areas of the country, properties are coming to the market and are being let within a few hours hours. This suggests that the competition for leasing agents in london for leasing tenants is intense and that the scramble for properties in the Capital by budding investors is overwhelming.
More results showed that five tenants are competing for each home which is the same as the 2nd quarter in 2011 however this figure has risen to 7.3 tenants for each and every house, in the West Midlands area.
These findings echo the Bank of England’s newest Trends in Lending report which reveal that there's a rise in buy-to-let mortgages, as people and also overseas property investors seek refuge in the London property market.
www.brlets.co.uk can verify that London is continuing to draw in large numbers of property buyers due to its track record of strong rental demand, political stability and capital growth. The strong demand for rental properties has extended well in to the autumn months therefore it's essential for property investors to find the right lettings agent. And with over 285,000 international university students studying in London and increasing the private rental market, landlords may cash in fast.