Given the current nature of the property and rental markets in the UK, and especially, London there is a lot to be said for getting involved with the rental market. If you have a spare property or you have the funds to purchase an additional property, there is a chance to enjoy short and long term benefits. The buy to let market is still thriving and even though lenders have tightened up slightly on the way that they offer mortgages in this market, there is still genuine opportunity for many people to get involved in this market.
Of course, if you are looking to be a success in the buy to let market, you need to pick the right area and the right property. Many people base their choice of area on what they know or where they live. If you plan on being a hands-on landlord, this can make sense as it will ensure that you are close at hand if you are needed at short notice. However, it may be that the area you live in or know isn’t the most attractive when it comes to receiving rental income or attracting the right sort of tenant. This is why it makes sense to carry out some research of the different areas and find the area that meets with your budget and expectations.
Little Venice is a stylish and attractive area
There is a lot to be said for buying a property to let in Little Venice and the wider Maida Vale area. This is a glorious area of London, with the canal-way adding a touch of continental class to everyday life. There are a number of local businesses that have sprouted up alongside the canal to give it more of a European feel and there are many long-standing businesses offering a sense of tradition and style. Add in the fact that there is an abundance of transport options and you have an area that is very attractive.
The attractive nature of this area of London can be seen in the fact that average rental rates are higher than the rest of London. A lot will depend on the actual property you have, its location, and number of bedrooms but in this part of London, the average rental price stands at £912 per week. This is close to being 25% higher than the average rental price per week in London, which stands at £734 per week. Even on average, you can expect to bring in around an additional £800 per month in rental prices in this part of London compared to the average.
Obviously you need to take on board that buying a home in this area will cost more money. Property prices in the Maida Vale area are around 45.1% higher than the rest of London. This may put you under financial stress when looking to buy property in this area but you can see why there is a great level of demand for property in this part of London.
Being able to bring in a good standard of money every month while knowing you have an asset in a highly desirable area of London makes Little Venice an excellent area for buy to let opportunities.