With recent economic narratives resembling something straight out of the film ‘Wall Street,’ homeowners that are looking to sell property have been forced to reconsider their plans. While it might not be the best market to sell your property right now, all is not lost. Letting London property still has many advantages, and having a good estate agent can make all the difference.
Read on as Rickman Properties delves into the advantages of letting your London property.
London property remains a good investment
In late September, the UK’s central bank, the Bank of England, raised interest rates to tackle the worst inflation rates seen in the last 40 years. This recent development made it clear that the UK economy is officially in a recession. Household energy bills have soared, weekly shopping bills have increased, and many homeowners have been forced to reduce spending elsewhere as a result. With recent economic developments in the UK causing financial stress, the press lay heavily into headlines around the “UK property price crash.” However, this is not necessarily a cause for complete despair regarding London real estate.
Monthly rent prices have undeniably increased in London, and this has resulted in real estate agencies like Rickman Properties letting several quality homes for ‘accidental landlords.’ In other words, some clients would have preferred to sell rather than rent, but with recent economic projections causing uncertainty, have decided to change direction and follow the rental route.
Thinking outside the box
Despite the current strain on the UK economy and energy prices, there remains a global goldmine of high earners and good incomes. For clients looking to sell their properties, this can actually work as an advantage. With sterling at an all-time low, international clientele are queuing up to rent quality London apartments and houses, so letters need not worry about finding tenants. So, it’s safe to say there is a market and demand for rental properties in London right now despite current economic concerns. But of course, if one is a first-time landlord, there are many unanswered questions.
There are plenty of stories out there that will highlight all the risks associated with letting your apartment or home, and working with an industry expert can ameliorate concerns and ensure your questions are answered. The truth is that there are plenty of things that can go wrong. Having an estate agent to help you let your property allows you to focus on what can go right while protecting yourself from some of the risks associated with being a landlord. Letting your home in this market with a trusted agent can present a great opportunity for increasing cash flow, especially if you are considering moving out of the UK for a few years in light of recent events.
Rickman Properties’ London estate agents
With 22 years of letting and property management, Rickman Properties has a wealth of success stories to draw from. Our staff are fully trained and qualified as specialists in this field, and our expert estate agents treat their craft with great care. In addition, our clients benefit from our estate agents’ capacity and expertise in managing all legal requirements related to letting your home. We also offer full-scale property management if desired, which enables clients to be less hands-on for the duration of a given lease.
So, what are you waiting for? Contact us for a free assessment of the potential of letting your London home today.
