According to a news report I read this morning, while drinking my coffee, landlords with rental property in the London area are apparently managing to beat the current economic recession remarkably well—for the first time ever, the average monthly rent on London properties has broken through the £1,000 per month ceiling.
It would seem that the demand for rental properties in London has never been higher and it would seem that potential tenants far outstrip the available properties on offer, which is good news if you are considering investing in a buy to let property in London. Competition in London is apparently so intense that rental property is being snapped up within a day of being advertised, which is unprecedented.
But London is not the only area affected by increases in demand for rental properties and tenant demand nationwide is pushing rents up everywhere (which is definitely a phenomenon I have noticed in my own area), and in most areas of the UK, there are not enough rental properties to meet the growing demand from prospective tenants.
So if this trend continues—and the signs are good that it will—the spike in demand for rental properties indicates that now is a good time for potential landlords to make an investment in a buy to let property, and for those such as myself who already own a number of rental properties, it is a good chance to cash in on the ever increasing demand and add a few more properties to your portfolio!
