The South London rental market has been significantly affected by the decline in the number of rental homes. According to CBRE, the number of rental homes in South London has fallen by 100,000 in the past seven years. This is due to a number of factors, including:
- The introduction of an additional rate of stamp duty for second properties in 2016, which increased the upfront cost of buying a rental property.
- The increase in property prices in South London, which has made it more difficult for landlords to afford to buy rental properties.
- The rise in the cost of living, which has put pressure on landlords' profits.
- As a result of the decline in the number of rental homes, competition for rental properties in South London has increased, driving up rents. This has made it more difficult for people to find affordable housing in the area. As you may know prices have SKYROCKETED with some landlords able to achieve 50% more rent than 24 months ago!
In addition to the decline in the number of rental homes, the South London rental market is also facing other challenges, such as:
- The lack of government support for landlords. The onerous legislation keeps piling on!
- The rise in the number of buy-to-let investors, who are often more interested in making a profit than providing affordable housing.
- These challenges are likely to continue to make it difficult for people to find affordable housing in South London in the coming years.