It’s no secret that the south is performing poorly with regards to rental yields. Now, new data released by proptech firm Residently, reveals specific postcodes in London that are leaving landlords thousands of pounds out of pocket.
The data complied concentrates on areas where properties are being let at the quickest rate, in addition to which areas are causing landlords to lose vast amounts of money, due to their properties sitting on the market for days on end.
Of all areas, South East London was revealed as the best location to be if you are a landlord in the capital, in possession of a large number of properties.
London’s quickest postcode to let is EC4Y. Due to there being a limited amount of properties available on the market, these homes are usually taken within a period of 20 days. Additionally, successful areas for letting are E1 and E14 with rental properties on the market, taking 28 days and 24 days.
The West London area is by far the worst performing area. Properties in this area take on average, 56 days to let. For landlords operating in the W8 postcode area, £7,500 could be lost over a period of five years. However, even more unfortunate than this figure is the neighbouring area, home to Buckingham Palace. Landlords operating in this area are expected to lose at least £14,393 over five years due to properties sitting on the market for up to 140 days.
Trevor Stunden, CCO at Residently, comments; “We understand what the modern-day landlord wants from their investment: regular rent paid on time, reliable tenants and minimal fuss. We pride ourselves on protecting landlords’ investments with a long-term commitment, which in turn provides them with guaranteed rental income.”
“We don’t charge admin fees and all our tenants undergo a detailed vetting process, meaning we only place reliable residents in Residently properties. We have fundamentally aligned our interests to that of our landlords.”