Recent reports suggest a surge in new buy to let purchases with particular areas in London being the first to benefit
Reports in last weekend’s Financial Times have highlighted the surge in new buy to let purchases, with many areas in London likely to be the first to benefit, according to property search consultants Expatfindaproperty.com.
According to the Financial Times report, landlords are taking advantage of the weaker house prices to snap up bargain rental prospects in premier locations. Whilst some are cash purchasers, others are using cheap borrowing costs to grow portfolios. Expatfindaproperty.com’s own research suggests that rental yields in many parts of London in particular are starting to rise steeply, following many years of static or only gently rising prices. In particular, demand for rental homes near to prime commuting transport links such as in South West London’s Clapham, Earlsfield, Wimbledon and Raynes Park areas has seen agents arranging block viewings with many would –be tenants forced to bid against each other to secure a property. Emboldened by the strength of the demand, agents and landlords are now pushing rents higher, such that new landlords can expect enhanced returns as well as realistic prospect of capital growth, when capital prices eventually start to recover.
Erica Evans of Expatfindaproperty.com comments, “Our straw poll of agents in South West London has revealed high levels of optimism for landlords. For those thinking of entering the market from abroad, providing they have a 30% deposit for an expatriate or international mortgage, now is an excellent time to be looking at the market, but location is absolutely critical. Strong rental yields are only available in quite specific areas around commuter infrastructure hot spots.”
For more information on UK property search for expatriates and overseas residents, visit http://www.expatfindaproperty.com/ or call +44 (0) 20 8333 9125
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