The suburban boroughs of London are looking more attractive for landlords after a huge increase in tenants looking to move out of inner London. New funding options for buy to let mortgages are available to help landlords to meet this demand driven by the pandemic.
The wave of up-sizing by tenants has been caused by the huge rise in working from home this year. The uncertainty of the future of office working has led many to reconsider their priorities when it comes to housing. Outside space and access to good schools have also been driving factors in leading tenants away from inner city living.
Property website onthemarket reported that the number of rental inquiries from inner London tenants for rental property in Sutton this August had tripled from the 2019 numbers. Large increases were also noted for boroughs such as Redbridge, Barnet and Croydon. Rents in these areas are rising and some prospective tenants are offering over the asking price to help secure the tenancy.
The Telegraph noted: ‘The new demand for rental properties in these areas is out of sync with supply, helping push up prices.’ Original article featured here…
The rise of tenant demand in general across the country and current reduced stamp duty has made letting a property more appealing with many signs that now is a good time to become a buy to let landlord.
Due to the increasingly conservative lending environment, specialist lenders are stepping in to provide new funding options alongside offers for those looking to become landlords, such as Octane Capital’s new buy to let offering and the launch of Lendinvest’s first-time landlord deals.