Tenant demand is surging in Outer London areas according tones research undertaken on behalf of specialist buy to let lender Paragon Bank.
It says that while in the first quarter of this year some 79 per cent of landlords who let homes in Outer London indicated that they had seen increases in tenant demand during the previous three months, this figure had risen to 85 per cent in the second quarter of this year - that’s the largest regional rise observed by the bank.
Linked to this and another indicator of demand for rented property in Outer London, the survey of over 700 landlords, undertaken by BVA BDRC, found that the incidence of voids has fallen dramatically since the same period a year ago.
In Q2 2021, some 35 per cent of Outer London landlords said that they had experienced an empty property within the last three months, the second highest region behind the North East. A year on, Q2 2022 has seen this figure fall to 21 per cent, with only landlords in the West Midlands less likely to have reported a void.
Richard Rowntree, mortgages managing director for Paragon Bank, says: “We know that the private rental market in London was hit particularly hard by the Covid pandemic but has rebounded strongly since and these latest figures provide further evidence of this.
“As one of the world’s greatest cities, London is extremely dynamic, constantly evolving as a diverse mix of people come and go, calling it home as they study, work, travel or raise families. This is why it is important for the capital to have a thriving private rental sector, enabling people to benefit from the flexibility that rented homes provide.”
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