London Bridge is the most searched for location for mid to long-term tenancies in the capital from overseas renters, according to data from rental accommodation platform Spotahome.
London Bridge attracted more than twice the interest than the next most searched for locations – Camden Town and Shoreditch.
Spotahome is predominantly used by overseas renters moving to the UK for a minimum of 30 days. The website has found that London sees a high level of demand from overseas renters in France, Spain and Germany in particular.
This explains why locations in London that are well known outside of the UK, such as London Bridge and Camden, are so popular. But Spotahome is also seeing the growing popularity of areas such as Stratford, Hammersmith and Ealing – the next most searched for locations on the platform.
The CEO of Spotahome, Alejandro Artacho, says: “The demand for property in key locations around London remains high and growing, and in places such as London Bridge, it is unlikely that this will fall. There is a growing opportunity for landlords to meet mid to long-term rental demand in locations such as Stratford, Ealing and Hammersmith, as there is not currently enough rental stock to satisfy the demand in east and west London in particular.
“Individuals and landlords with property in areas which are growing in demand – such as Ealing, which is undergoing an exciting regeneration process – can look to take advantage of this by putting their spare room or properties up for rent. With the average rental asking price on the site currently standing at £763 for a flatshare to £902 for a whole property, homeowners could stand to earn £9,000 to £11,000 a year, before tax.”
He continues: “London is an international hub, with thousands of individuals moving to the city on a daily basis. Unfortunately, homeowners across Greater London are yet to wake up to the earning potential of their spare rooms, resulting in black holes across London where demand for accommodation far outstrips supply. Spotahome enables potential landlords to find a tenant without the hassle of having to spend days organising and conducting interviews, meaning that renting out your property is a far easier and a less time consuming process.”
This research reveals a great opportunity for landlords to tap into the overseas renters market in certain spots across London – will you invest?