The lettings market in South London is in a state of flux. Rents are rising, but demand is through the roof. This is putting a strain on landlords and tenants alike.
Rents are rising
Rents in South London have been rising steadily for the past few years. In the past year alone, rents have increased by an average of 20%. This is putting a strain on tenants, who are struggling to afford the rising cost of living.
Supply is falling
As you'll know from my other posts the number of landlords selling up is on the rise - build to rent schemes are popping up a little more frequently but gone are the days where you could rent an affordable victorian property from someone who had a flat as a simple buy to let investment... Landlords are struggling because of onerous legislation and higher interest rates, they are exiting!
Tenants are suffering
The rising rents and falling demand are also making it harder for tenants to find affordable homes. Many tenants are being forced to move out of South London, or to share with more people. This is making it harder for tenants to find a home that meets their needs.
What can be done?
There are a few things that can be done to improve the lettings market in South London. These include:
- Building more affordable homes: The government needs to build more affordable homes to meet the needs of tenants. This will help to reduce the pressure on rents and make it easier for tenants to find affordable homes.
- Reforming the lettings sector: The government needs to reform the lettings sector to make it fairer for both landlords and tenants. This could include measures such as introducing a national landlord register and giving tenants more rights.
- Educating tenants: Tenants need to be better educated about their rights and responsibilities. This will help them to negotiate better deals with landlords and to protect themselves from unscrupulous landlords.
The lettings market in South London is in a difficult situation. Where does this leave you? If you are curious as to what your rental property is worth today why not drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!