The Increasing Demand for Small Flats
Lets to individuals and single corporate professional tenants has increased by twenty percent for one and two bedroom flats over the past year. This is particularly true in the mid-market where the stock of desirable flats has regularly been very low, Recently, due to redundancies in London, there has been a decrease in the number of business professionals who are sharing flats with additional housemates and a significant increase in the number of people who are seeking one and two bedroom properties with single occupancy.
This past year, renewal rates have increased by forty percent due to the contributions of three different factors; first, the increased number of rental units with achievable rent, approximately ten to fifteen percent, which encourages tenants to stay past their lease contract dates and renew for another lease, second, the lack of available, quality rentals currently on the market and available for let and finally the current difficulty in obtaining financial consideration in order to purchase a new home has discouraged people who would be otherwise seeking this alternative. These statistics apply only to small flats, containing one or two bedrooms instead of larger of flats and single family houses where we have seen rates neither increase or decrease during the course of the past year.
There have been no indicators that suggest that this increased state of tenancy will show any signs of slowing or stopping within the next year due to complications created by a difficult global economy. Despite the financial state of Europe, London remains an internationally important financial hotspot as well as one of the safest cities in the world. Landlords who are looking to make property investments at this time can expect that these traits will create very good opportunities moving forward.
All resources indicate that as we lead up to the 2012 London Olympics we will continue to see an increase in demand for short term housing as well as an increased demand for tenancies with a minimum of three months. During the next year many companies are going to be working to take advantage of the financial advancement that the Olympics will potentially offer however, only a very small number of these companies will see substantial compensation for their efforts. The opportunity for being a part of those successful few is available to any landlord who wants to invest a little more of themselves into the property of London.
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