28th April 2015
Streets Ahead Estate Agents says eight tenants chase every private rental property in Croydon’s strong lettings market
There are eight tenants chasing every private rental property in the Croydon area with demand set to rise further and push up rents in 2015 according to Streets Ahead Estate Agents.
The demand for letting property has already led to a “one to two percent” increase in private rents in the area over the last 12 months, in line with the UK average rise of 2.1% announced by the Office of National Statistics.
However, with demand for rental property in London pushing rents up by 3.2% in the same period, it is anticipated that Croydon will benefit as prospective tenants look to the area for quality homes to let.
“Rents have remained very solid in Croydon and Crystal Palace mainly due to the excellent connectivity to London,” commented Streets Ahead Director Gary O’Hare.
“We have eight tenants for every property and understandably landlords and agents can afford to be very selective.
“We have experienced a one to two percent increase in rents this year and I anticipate this moving up further during 2015.”
Announcing the latest private rental figures for the 12 months to March 2015, the Office of National Statistics said all English regions saw rent rises, with London at the top end and Wales at the lower end with a 0.8% increase.
Industry experts agree a lack of private rental property and the difficulty in obtaining mortgages to buy homes, are among the major factors driving the demand for homes to let and the subsequent rent rises.