We're seeing a fascinating trend in Inner London: more and more properties that were previously rented are now hitting the sales market. In fact, July 2024 saw a whopping 22% of newly listed homes for sale in Inner London having been available to rent at some point in the last decade. That's 617 properties, marking a 10-year high!
To put this in perspective, it's a significant jump from 15.6% (395 properties) in July 2023 and nearly double the 12.9% (187 properties) we saw in July 2019, before the pandemic shook things up.
Now, you might be wondering, "What does this mean for us in Finchley?" Well, it's potentially good news on several fronts!
Firstly, for those of you looking to buy, this trend could mean more choice. As more rental properties come onto the sales market, we might see an increase in available homes in desirable areas like ours.
Secondly, for our landlords, this could be an opportune time to reassess your portfolio. With the average asking rent in Inner London sitting at a handsome £2,399 per month (compared to the UK average of £1,869), you might find that selling could be a profitable option, especially if you've owned the property for a while.
For our Finchley homeowners, this trend underscores the enduring appeal of property ownership in London. If you've been considering selling, the current market conditions could work in your favour, with potentially more buyers entering the market.
It's worth noting that this trend is particularly concentrated in London. Across the UK, only 9% of homes listed for sale in July 2024 were previously rented, highlighting London's unique position in the property market.
For those of you weighing up whether to rent or buy in Finchley, this shift in the market could present some interesting opportunities. With more ex-rental properties coming up for sale, you might find that perfect home that combines the flexibility of a rental with the stability of ownership.
Remember, Finchley's excellent transport links, great schools, and community feel make it an attractive option for those looking to settle in London. As more properties potentially come onto the market, our area could see increased interest from buyers looking for that perfect balance of city life and suburban comfort.
As always, whether you're looking to buy, sell, or rent in Finchley, we're here to guide you through these exciting market developments.
Colin Bradshaw, CEO of TwentyCi, said: “Aside from mortgage increases, landlords have growing fears around a possible rise in Capital Gains Tax and compliance demands for energy efficiencies. Overall, the rental sector has become much more expensive and unpredictable for landlords over the last decade. Landlords selling now obviously comes at a very difficult point for the private rented sector (PRS). Available properties to rent are at their lowest since TwentyCi has been recording data in the last 15 years, now at 276,000 in July 2024 for the whole of the UK, compared with 369,000 in July 2019 - a reduction of more than 25%.”
We have assisted many Finchley homeowners and landlords looking to sell or let their property, and we know what tenants are looking for when searching for rental accommodation. You can take the stress out of connecting with likely buyers or tenants by turning to a local estate or letting agent in Finchley.
If you want to make an informed decision in and around Finchley’s lettings market, we are here for you. If you have any questions about the local rental market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
