What are London’s top rental boroughs? CIA’s 2023 guide for landlords28-09-2023 | Landlord News
The buzz, the culture, and the ability to reach for the stars are common themes when a person thinks of London. It is a hub filled with everything and anything; it is a city that inspires and brings forth unlimited opportunity. It is worth investing in property in London.
So, as a landlord, you may be thinking of investing in property in London, this spectacular hub. But where should you start? There is always a lot to consider when investing in a property, especially in London. We have put together a guide for anyone who is looking to take their next step in property investment.
But before we get into the details of where to invest in London, you will want to consider finding the best landlord insurance for your properties. At CIA Landlords, we have all of the information that you need to find the best quote that matches your needs as a landlord.
For more information, contact us today!
Why investing in property in London is essential
Besides the exciting opportunity that London has to offer, there are also a few practical reasons to invest in the city.
High Demand for Rentals
The hustle and bustle of London brings a high demand for rental properties with it. There is a constant need for finding a property to rent as a tenant, which makes investing in London worth it!
Transportation in London is probably the most easily available compared to other cities in the UK. With the Underground, Overground, and Bus services situated in every borough, one can easily get from A to B; this is a major attraction for people living in London.
If you know anything about education in London, you will know of the prestigious universities and colleges in the area. With universities like Imperial College London, UCL, and King’s College London, there will always be an increase in demand for rental properties, either for families or students.
Cultural Capital of the World
London is one of the most diverse cities in the world and due to this, there will always be the need for rental properties. This is an extremely exciting attribute of London and many people would want to be able to experience that for themselves.
Health and Wellbeing
As with many places in the world today, there has been a massive health and well-being movement in London, with endless whole-food grocery stores and healthy juice bars available. Not to mention the copious amount of parks frequently used by runners and cyclists.
The best boroughs in London
For 2023, North Kensington, Herne Hill, Mayfair, St John’s Wood and Acton have been named the best places to invest in property in London. These areas all fall under different boroughs.
Westminster borough houses some of London’s most beautiful architecture and iconic areas. Situated next to the Thames and home to Big Ben and Buckingham Palace, this borough holds within it some of the best places to invest in property.
St John’s Wood
An affluent haven for many families, St John’s Wood is the proud owner of a glamorous high street, brilliant schools and, of course, Lord’s Cricket Ground.
According to Rightmove, the average price for a flat within the NW8 area is just under £1.2m and £4.2m for a semi-detached house, while unmodernised properties are trading for £3,000 per square foot.
There is also some work being done in St John’s Wood that is attractive to landlords and property owners. Work has begun on St John’s Wood Barracks, which used to be the headquarters of the Royal Horse Artillery, and will be creating over 170 homes.
Mayfair is picturesque, upbeat and right in the heart of London. This is a place where property prices are pretty high, but worth investing in to increase your property portfolio as a landlord. The demand in Mayfair is high and is a very desirable area for consumers.
Equally, the demand for property in Mayfair is high from both local and international property buyers. Homeowners are spoilt for choice with options ranging from luxury apartment buildings to quaint townhouses, focusing on areas like Grosvenor Square and Clarges Mayfair where the average sale price for property in Mayfair is £4.3m.
Another pro for looking to invest in Mayfair is the type of investment that Grosvenor Estate puts into the area, being very particular about the type of shops that go onto Mount Street.
Residents in Mayfair will not also be able to commute easily to and from Heathrow with the new Crossrail line being opened.
If we haven’t spoken enough about affluence and royalty, let’s delve into the world of Kensington and Chelsea Borough. This is one of London’s most prestigious boroughs and has a lot to offer for property buyers.
Property in North Kensington is laden with Edwardian and Victorian-style houses with high ceilings and exquisite period pieces. The area is slightly cheaper than its neighbour Notting Hill, but still just as affluent.
The average cost of a one-bedroom property in North Kensington is £525,000, £525,000 for a two-bedroom, and £3m for a four-bedroom property.
North Kensington has excellent schools on offer for any family looking to reside in the area and is home to many independent eateries. It is an area fit for purpose for families wanting to settle and be part of a community.
This gorgeous borough forms part of inner London and is situated in South London, housing landmarks such as the London Eye and OXO Tower. Lambeth Borough makes for a metropolitan vibe and is perfect for property buyers looking to rent to younger adults starting their careers.
Within Lambeth borough sits Herne Hill, south of some of South London’s most green spaces; some would say that this area offers a touch of country living. This is definitely attractive for those looking to buy property in the area.
If culture and independent restaurants are what you are looking for as a property owner, then Herne Hill is the place to invest in, promising easy access to central London, and a 20-minute walk to beautiful Brixton.
With property built by wealthy merchants and bankers in the late 1700s, you can be sure to invest in a classic and sophisticated house. With the average sale price of an apartment in Herne Hill being £500,000 and a semi-detached house being £1.5m, buying property in the area will be a worthwhile investment.
Ealing was dubbed the ‘Queen of the Suburbs’ in the late 1800s and lies comfortably between both city life and country life. The borough is laden with big Victorian homes and offers a peaceful retreat for Londoners. Community is important to residents in Ealing, which is beneficial for any landlord wanting to invest in the area.
The next area that is recommended to invest in is Acton, a spaciously green area, that still has connections to the rest of London. With a train station being opened in 1853, it very quickly became one of the busiest stations in the area, with 38 trains running through the station by 1868, giving residents the opportunity to travel easily.
With regards to property in Acton, there is ample opportunity for landlords to invest. There are an array of different types of properties in Acton due to its industrial past, such as Victorian villas (especially in Poet’s Corner), quaint cottages, modish developments and high-rise towers.
You can expect to pay between £300,000 to £450,000 for a one-bedroom apartment, Can £450,000 to £600,000 for a two-bedroom apartment, and three and four-bedroom houses starting from £700,000. This is, of course, dependent on the type of building, the location and the size of the house.
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