In the UK there is a growing demand for rental housing in the backdrop of rising real estate prices

At a time when prices of luxury properties in Central London went down, the auspicious time has come for those who previously bought a property of a class “Lux” in the center of London in order to rent it out. The demand for luxury residential property in the centre has always been good, but now, against the background of improvement in the UK economy, growing by the day, which of course affects the cost of rent. Seven consecutive months of rising prices for luxury property in London, which was not observed for two and a half years.

The UK economy shows positive signs of recovery, exceeding the second quarter of 2014 its pre-crisis level by 2.7%. Similarly, the growth rate of prices for residential rent in the heart of London catching up with their pre-crisis peaks.

The number of new tenants increased by 22% in September 2014 compared with September a year ago. For the first nine months of 2014, the number of tenants 19 % exceeded its value a year earlier.

If to speak about the total number of tenants, for the first 9 months of 2014 their number was 55 % more than in the same period last year. The rental market of elite real estate of London gets a benefit from the uncertainties in the market of sale of elite real estate of London in connection with the upcoming may 2015 elections to the Parliament.

In the rental market of elite real estate of London there is a large influx of landlords who decided to rent his property in rent, and potential buyers for fear of introducing a “mansion tax”, I prefer to become tenants and wait until the market there will be clarity in tax matters.

So, rents for properties in the range of more expensive £1500 pounds per week has increased over the year by 1.9%, and for properties in the lower range of growth was 0.9% .

In September, traditionally the United Kingdom is the month of the inflow of foreign students from around the world, the incomes of landlords from renting residential property in London has increased by 2.84%. It would seem that a small increase, but this is the best yield increase of landlords in the rental market of real estate of a class “Lux” in London for the last three years.

® Helen Entree. 14.10.2014

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