Category: Lettings (28)

With property prices soaring, more and more people are stuck in rented houses when they would rather own, but according to a feature in The Guardian a bit of creativity can help to turn your rental into a home…

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Relaunched as East Village this week, the Stratford athletes’ quarters is set to become home to thousands of London’s renters. Click image to read more at the Evening Standard…

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The London Evening Standard reports that thousands of new homes for rent are being built in London aimed at young people who have made a lifestyle choice to be tenants, says David Spittles

London’s resurgent rentals sector is leading a nationwide boom in private lettings that will change the face of the property market over the next decade.

Private renting now accounts for 27 per cent of all homes in the capital and has overtaken social renting, which accounts for 24 per cent.

The Today programme on BBC Radio 4 reports that tenants in east London are being evicted from their homes as landlords attempt to cash in on the Olympics.

The National Landlords Association has condemned the practice, saying it is more beneficial to landlords to have a good, long-term tenant in their property.

After a brief break, rents are rising once again, according to LSL Property Services, up 0.1% in January (the first ever January rent rise since they’ve been keeping records). In London, the rise was 0.8% (leaving the average rent up 6.3% on the year).

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Government statistics show that the number of newly built homes fell last year to just under 120,000 – half the level needed to keep up with growing national demand. London saw the largest decrease (27 per cent) in new home building with just 18,000 new properties coming on to the market. Overall the UK now has a shortage of around a million homes, with the deficit rising by 100,000 homes a year as people live longer and increasingly live alone. This will surely add further pressure to the rental market. Read more at the London Independent’s website.

Situated on the fourth floor of an impressive period building (with lift) on Berners Street, Fitzrovia (just north of Soho), this stunning two bedroomed apartment boasts a huge loft style reception / kitchen area. Excellently located only minutes from Charlotte Street, Soho, Marylebone and Mayfair.

The property comprises two large bedrooms, two bathrooms, kitchen with full range of appliances and excellent storage.

Berners Street enjoys a prestigious location in Fitzrovia within easy reach of Soho, Charlotte Street and the West End.

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The London Evening Standard is reporting further rent rises this year…

Tenants in central London should brace themselves for rent rises of up to 10% this year, property consultant Cluttons said today.

It is not as steep as last year’s record 19.1% jump in rental costs but it is still more than double the rate of inflation, heaping more pressure on stretched budgets.

The worst squeeze on rents is being felt in lower-budget properties of between £250 and £650 a week, which remain in short supply as tenants bid to cut their outgoings and look further afield.

Residential lettings partner Lynn Hilton said: “Tenants are really feeling the pinch and are being forced to widen their search areas to secondary locations and beyond.”

The pressure on existing tenants looking to renew contracts is less because they face smaller rises of around 4%, as landlords concerned about the economic outlook opt to retain quality tenants rather than take the risk of leaving their properties empty.

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Source: Evening Standard