Dominic Agace, Chief Executive of Winkworth, said: “We are living in fairly extreme times in the private rental sector. We are seeing 15% rental price growth in London for the past two years, with 10% predicted for next year. While we wait for reform and the Election, prices have gone up. That means people are choosing smaller properties and not what they need in life. And that’s a bit sad.”
Despite the current gloom for renters, the future for property investment remains compelling, compared to stocks and shares. Dominic Agace explained : “A buy to let property is still a great investment, compared to the stock market fluctuations. Property and bricks will stay here forever. The level of entry has gone up and in areas driven by debt, like London, where the prices are higher, that’s where the big problem is but we are seeing it grow in some parts, The East of England, however, is seeing more buy to let landlords now than last year where property prices are lower and there’s significant capital growth going on and less of a debt concern.”
Winkworth has over 100 offices nationwide, with more than 60 across the capital.
To tune into the latest episode of The Property Exchange, presented by commentator and broadcaster Anne Ashworth, listen on Apple Podcasts: https://podcasts.apple.com/gb/podcast/the-property-exchange/id1569362828?i=1000632659795