More Rental Properties in Central London Being Managed
An increasing number of landlords are opting to have their properties in central London managed, according to various Central London property consultants.
Investment in buy-to-let has been an increasingly popular concept in recent years, particularly for people looking to supplement their pensions. Investing in buy-to-let property can prove an excellent way to make money. However, many people fail to appreciate that becoming a landlord or expanding a property portfolio comes with added responsibility.
Effective property assistance is essential, but can be extremely time consuming, especially for part-time or temporary landlords. A lack of professionalisation can leave some tenants paying high rental prices for poor quality housing and an inadequate property management service.
However, times are changing and fewer tenants are prepared to put up with bad housing conditions or poorly managed properties, thanks in part to Government-backed schemes, such as the Tenancy Deposit Protection scheme, which was introduced to help safeguard tenants and landlords, and to also improve standards in the private rented sector.
Sarah Rushbrook, Founding Director of property management company Rushbrook & Rathbone, said: “In 2007 the Tenancy Deposit Protection scheme was introduced and I have read research recently stating that tenants are now more aware of what is available to them. This in itself is good news as tenants should absolutely have all knowledge about requirements now in place.”
The private rented sector has grown to its highest level (17 per cent) since the early 1990s, equalling the size of the social rented sector at 3.8 million households, according to the 2011-12 English housing survey from the Department for Communities and Local Government (DCLG).
This growth in the buy-to-let sector is reflected by greater demand for Central London property services, such as sales, letting, property management and general housing advice.
“Winkworth’s central London offices have for some time been experiencing growing interest in prime London properties,” said Dominic Agace, CEO of Winkworth. “With a track record as a safe investment market, demand [for property in Central London] will always be high.”
The rise in demand for properties in Central London has left some leading Central London property firms, such as Napier Watt, having to expand their property consultancy team.
The company recently appointed Louise Torkmorad, one of Central London's finest negotiators, as a senior property consultant to help cope with greater demand from buyers, including buy-to-let property investors looking to take advantage of favourable property investment conditions in Central London.
Record high rental prices and an increase in corporate demand are also underpinning the rental market in Central London, with a growing number of rental applicants registering their interest for properties in the heart of the capital.
Consequently, there is now added pressure on the private rental sector to supply better quality housing, an improved letting experience and provide a professionally managed rental service. Those landlords who are unable to sustain this high standard, will simply find that their tenants will move on and find an alternative property to rent.
Adam Feather, head of Robert Anthony, which offers a Central London property management service, commented: “An increasing number of responsible landlords are now taking their residential investment far more seriously by adopting a professional approach to renting. As a consequence, more landlords appreciate the benefits of providing their tenants with a professionally managed property service.”
