Flats to let in London are very diverse; they are available as apartments, studios, as well as in the more traditional layouts. They are also available in ultra-modern developments, Victorian and Edwardian terraces, converted houses, warehouse or factory conversions, tower blocks, and above shops and other retail outlets. There’s something out there to suit everybody and nearly all budgets! Unfortunately, as a quick look round a selection of letting agent websites demonstrates, the prices for flats vary tremendously. You are not going to find a gem of a flat at a reasonable price in Kensington or Chelsea; that’s for sure.
Letting Agents Can Offer Different Tenancy Types
As well as different property styles, a range of different tenancy options is available. You can, for example, have flats to let in Central London on short-term tenancies. These might be holiday lets over days or weeks, or temporary staff lets over a few months. These types of short-term lets allow important employees to stay in London temporarily while working on specific projects or until more permanent accommodation can be found. You can also find out more information on student accommodation in London. Alternatively, they might be long-term lets with tenancies lasting over a year or more. The only certainty is that in Central London the rent is not going to be cheap. There are other areas in London with premium rents, such as Docklands, where both short and long-term tenancies will be well above the London average. If you look further away from the centre of the city, you can find a flat to let in London at a more reasonable price. However, you may still pay a premium if, for example, the flat is located near to an underground station or other transport links. If you are a landlord or potential landlord considering a residential property as a buy to let investment it is well worth consulting a reputable local estate agent. They can give you an idea of the rent that the property is likely to be able to achieve in the area. With so many estate agents chasing new properties and landlords, you are likely to be offered the service free of charge.
Flats In London Are Routinely Rented Out Quickly
The rental price of flats to let in London can differ immensely, even if the flats are similar in all respects and only a few streets apart. The one on a ‘less desirable’ street than the other may well achieve a much lower rental income. While flats in London to let tend not to stay on the market very long, overpricing a flat on an unpopular street may mean your property remains empty for longer than it needs to. Reducing the price slightly to be more in line with other similar properties might mean that in the long term you achieve a better return because the property is rented for more of the time.
There is a commonly held belief among people in the UK that estate agents get paid a lot of money for doing very little, but they are very experienced in flat letting in London, and they help many landlords avoid the pitfalls inherent in property rental. As well as advising on the market rent achievable by the property, they can help the landlord ensure that the property complies with local and national regulations, such as getting an annual gas safety certificate where appropriate. They can ensure the tenancy deposit is properly registered and act as a mediator in disputes about deposit returns or property maintenance issues, or they can check that tenants are properly identity and reference checked.
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