However, for January 2020, rental prices held in Greater London, and some parts of the capital experienced a modest increase.
Void periods are a concern for landlords
There was even news relating to void property that could have been worse. The first few months of the year are the most challenging for landlords concerning void periods. The start of the year is tough financially for many people, and this often leads to tenants being unable to pay their rent, or leaving the rental property.
Even though there is a high level of demand for rental property in Greater London, the area experienced an increase in void rates in January. The void rate was previously 12 days, but this increased to 15 days. However, with the average void rate across the UK being 20 days, Greater London property vacancies are being filled at a faster rate than rental properties across the country.
You must find the right tenant for your property
This shouldn’t be a surprise. The demand for rental property means landlords can connect with tenants quickly, but at Holmes Estate Agents, we make sure South West London landlords find the right tenant.
It is good to know there are tenants looking to let property, but there is a need to vet tenants and welcome the best standard of tenant to the property. This is an area we take seriously, and we are pleased to assist local landlords in vetting tenants and managing property. If you need assistance managing your South West London property, get in touch and we will be happy to help.
Unsurprisingly, tenants in London had the highest average take home pay, with the January figure of £37,617.30 being the largest in the country. This is just one of the aspects we consider, and we provide our landlords with peace of mind when letting property.
Tom Mundy is the COO at Goodlord, and he said: “Whilst it’s encouraging to see void periods hold steady across winter, landlords and agents will be hoping the dip in average rental costs is simply a hangover from the Christmas season. We would normally expect rental averages to hit their lowest levels between December and February, so this isn’t unexpected - we should start to see stronger metrics in the not too distant future.”
At Holmes Estate Agents, we are proud to serve the South West London community, and we look forward to helping local landlords manage their rental property. If you are looking for assistance in connecting with tenants and offering a high standard of service, please get in touch, and we will be more than happy to assist you.