London residential landlords are likely to be much heartened by news that, in the three months to May, housing rental prices in the capital recovered their pace of growth after a recent period of stagnation. This revelation is in a recently published rental index from HomeLet that makes interesting reading for residential landlords considering London property inventory services.
This rise in London rental prices has prevented the rest of the UK from catching up with the capital in the rate of increase in residential rental prices. There remains, unsurprisingly, a significant gulf in these prices between London and the rest of the country; although the UK’s average rent in the three-month period was £935 monthly, this number falls to £738 when London is excluded.
Greater London was among the regions that saw the most substantial increases in their housing rental markets. The area’s growth percentage was 9.2%; only South West England, Scotland and South East England, with rates of 13.6%, 9.6% and 9.4%, had higher growth.
Greater London was also the first area in the index’s history to have its monthly rents surpass £1,500. Although the area’s average rent during the three months was actually £1,472, for strictly new tenancies signed in May, that number was £1,506.
The London property market, like the national market, slowed in the approach to the general election; however, with another election not currently due for nearly five years, the capital’s residential property market has good reason to expect a lengthy period of greater stability and uninterrupted growth.
These circumstances also make considering London property inventory services from Yellow Oak Inventories LTD wiser for many residential landlords. If you are a current or prospective London landlord, you should consider that with your property likely to be in greater demand than ever, it has never been more important to have a comprehensive inventory carried out to ward off potential disputes with tenants.
Yellow Oak Inventories LTD can provide you with a professional, impartial and detailed inventory that can indicate exactly what the rental property was like when it was inspected. This can take so much of the stress and hassle out of being a London landlord, so that you can look forward to enjoying your yield.