Demand for rental properties has risen in the City

Demand for rental properties has risen in the CityLondon is a highly sought-after area to live in and demand is on the rise, it has been reported.

Research published by independent property network Move with Us found that properties in Greater London and the south-west are currently receiving the highest number of viewings in the country.

According to the findings, the average number of viewings per property in both Greater London and the south-west is 13, a ten per cent increase year-on-year.

This means that London is one of the most popular places to live in the UK, with more people buying and renting in the capital.

Commenting on the findings, Robin King, director at Move with Us, said: "‘In fast paced property markets such as Greater London where the average selling time is just 47 days, viewing numbers tend to be higher because there is a large number of potential buyers fighting for a limited number of properties.

"‘Rapid selling times mean buyers have less time to make well thought out decisions about which properties to visit and tend to view properties they wouldn’t normally consider as soon as they come on the market. This increases the viewings to offer ratio."

However, demand from renters has also increased. A separate report published by Paragon Mortgages found that the number of renters looking for places to live in London specifically had risen.

This meant that 38 per cent of landlords were feeling more optimistic about the prospects for their rental portfolios. 

The profitability of rental properties had also increased with an average yield of 6.2 per cent reported across landlord portfolios in the second quarter of the year.

Published 28th July, 2014

© 2014 Estates IT Limited

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