Everest industry news
Interest never stronger in London rental property
07 May 2008
Interest in the capital's rental properties has never ceased to wane, according to the London estate agent Foxtons.The firm's letting director Ed Phillips has reported that "high volumes" of people continue to relocate to the area, while supply remains relatively constant.
"We've seen rental prices go up in the last nine months or so since last summer," he said.
"Prices have gone up between ten and 20 per cent on new tenancies and even renewals have gone up approximately seven per cent.
"This is essentially down to the factor of more people needing properties that there are properties available," the rental expert explained.
With more prospective first-time buyers now opting to rent rather than buy, the tenant pool is expanding faster than the supply of new accommodation.
The National Landlords Association yesterday appealed to homeowners with rental assets to take advantages of tax breaks soon to be available for green upgrades.
Up to £1,500 per property can be reclaimed, saving up to £600 in tax, for installing added insulation and other energy efficient measures.
One of the most effective and apparent ways of making a rental property more fuel efficient and appealing to prospective tenants is to install double glazing, which also helps block out external noise.
