According to a new report from Rightmove, asking rents in England and Wales have hit a new record high of £1,162 per calendar month. This is up 10.8% from last year, and is the highest level since Rightmove began tracking asking rents in 2008.
According to Rightmove, the average asking rent in South London is £1,323 per calendar month. This is up 9.8% from last year, and is the highest level since Rightmove began tracking asking rents in 2008. The average asking rent varies depending on the specific area of South London. For example, the average asking rent in Lambeth is £1,435 per calendar month, while the average asking rent in Croydon is £1,223 per calendar month.
The high level of asking rents in South London is due to a number of factors, including the strong demand for housing in the area, the limited supply of housing, and the rising cost of living. The report also found that the number of properties available to rent has fallen to a record low of 29,000, which is 40% lower than the same time last year. This is due to a number of factors, including the ongoing shortage of housing supply, the rising cost of living, and the increase in remote working.
What it means if you are letting...
- Make sure that you are on a sensible mortgage rate. If you are on your standard variable and you have no plans to sell up see if there is a simple product switch you can do to benefit from a lower rate and increase your monthly profit margin.
- That said, make sure that you are not running a charity! Increase your rents to market rent. "the tenant is good and pays on time" is great, but it's better if they pay a market rent so that you can get a good return from your investment. If you had stocks and shares invested you would want your dividends, not sending them back to the CEO to enjoy in Barbados.
- Ensure you are offering value. If you are having a tenant switchover make sure that your furniture is tip top, any repairs are done (reported or not) and the place is pristine for the new tenants to take over. Having a property in A* condition is a lot easier to manage and maintain for you and tenants alike because you can all agree it was tip top to start with.