Buy-to-let property in East London
With 37% of landlords recently concluding that East London is the best area to purchase a buy-to-let property, we want to take a look at what investors should be spending their money on.
At Waltham Estates, we are constantly helping our clients find the perfect buy-to-let investment, and a huge part of this is choosing the right kind of property. While the area can be vital, there are certain properties which are more popular than others among those looking to rent in the capital. So, let’s find out what they are.
The four- or five-bedroom house
With property prices constantly on the rise throughout East London, the best option for many is to rent a room in a shared house. Those new to the capital or on a budget will often choose this kind of property because of the homely feel that a house can have and the fact that sharing with several housemates can bring about great socialising opportunities in the cultural hub that is London.
Such a trend means that, for investors looking to purchase a buy-to-let property, it can often be a good idea to buy a larger house in an area such as East London, and this will appeal to the above-mentioned market.
Rooms in shared houses are a great option for many singletons or those new to London. However, there is no more exciting time in a Londoner’s life than renting their first one-bedroom apartment, be it on their own or with their partner. For investors, the prospect of purchasing a one-bed apartment and then renting it out can be an alluring one, particularly since average weekly rent prices for such a property stand at around £330.
Of particular interest in this regard is Bow (also featured in another of our recent articles, which you can read here). This area has seen remarkable growth over the last six years, with young professionals on the hunt for cheap one-bedroom apartments in trendy East London. Given this situation, it is no surprise that 40% of growth in the Bow rental market is attributed to one-bedroom apartments.
At Waltham Estates, we are constantly analysing trends and patterns in the property market, and the varied nature of East London means that we are always making interesting discoveries. Our job is to ensure that our clients get the most out of whatever type of investment they are looking to make.
When it comes to the buy-to-let market, we have certainly had a lot of dealings with the above-mentioned types of properties. East London is an area which numerous young professionals are looking to make their home. For many of these residents, London life will start with a shared house, before they make the move to a self-contained apartment. This is a well-known pattern, and is why buy-to-let investors should be looking to make these kinds of investments.