The property market in London is buoyant, with a fast paced rental sector helping to drive recovery forward, it has been claimed. According to real estate consultant Cluttons, record demand and restricted supply have meant that the average time a rental property remains on the market has fallen dramatically.
As such, the firm warns that individuals interested in homes in the English capital need to be prepared to put down a holding deposit immediately if they want to secure a property. However, this record demand comes at a time of heavily restricted supply, especially as many accidental landlords left the lettings market in the first half of the year.
Meanwhile, a separate report shows that increasing activity from Buy to Let investors led a surge in housing market activity in September. Research by Connells Survey and Valuation found that the total number of residential property valuations conducted in September was up by a quarter compared to August.
"The Buy to Let market is seeing a mini resurgence. Rising rents and tenant demand have tempted many property investors onto the market despite the recent changes to capital gains tax. And Buy to Let mortgage finance is showing signs of loosening, allowing more would be landlords to capitalise on strong yields," Ross Bowen, managing director of Connells, said.