A new trend has been observed in London, according to Homes & Property magazine: the rise of build to rent.
No longer the realm of developers building flats for university students or low-income workers, this trend is due to the fact that over one third of London residents and workers now rent their accommodations. In some boroughs, half of the households are renting as opposed to owning their homes.
For investors looking for a new source of revenue in London, turning your new off-plan investment into a rental accommodation may provide you with a stable source of income over the long term.
The average rent in London hasn’t gone down; it has in fact been surging upwards. An increase of 4.4 percent has been observed in the last 12 months in the British capital. This is twice the rate of inflation and quadruple the increase of rent in the United Kingdom as a whole.
Many different groups are seeking to rent for years as opposed to buying. Seniors may be looking for a smaller home. Professionals may be looking to live closer to work as opposed to living far away. Students, from wealthier families, are looking for better accommodations than what’s normally offered to those attending London’s top-end universities.
This may make converting existing more luxurious developments from owner-occupied to renter-occupied an easier task, being able to collect more income over a longer term as opposed to a quick buy-and-up sell.
If you’re looking to let your property, Copperstones is the best real estate agency to help with the entire process. To learn more, contact Copperstones at email@example.com, +44 207 258 6150 or 08445 555 555.