You want to let your house or flat, so you search online for similar properties in your area to find out how much rent to charge. It seems straightforward enough, but Winchester White’s Alex Winchester, indicates that the rental price you come up with may not reflect your property’s true value.
“The London rentals market is complex and there are so many factors to bear in mind when you are assessing the market value of a particular address”, he explains. “Recent research by a number of high profile property market specialists supports our long-held view that only detailed knowledge of an area, together with an understanding of tenants’ needs and lifestyles, can produce a pin-point accurate valuation.”
Rental prices are driven by a number of factors, not all of them obvious to the average landlord. Last year Lloyds Bank published a report that revealed that the presence of a Waitrose supermarket can positively affect the value of properties in the neighbourhood, causing house prices to rise by a staggering £40,000 and increasing rents in the area as a knock-on effect.
Similarly, property website Zoopla discovered that the value of a house or flat can rise simply because the street name includes the word “Hill”, or if the house has a name of its own. Another leading property website has found that the number of Michelin-starred restaurants in an area can also influence people’s perceptions of property value.
That explains why rental prices can vary so dramatically, not only from area to area, but often between neighbouring streets. This is particularly true when one street happens to fall within the catchment area of a good school. Some schools are using GPS systems to determine whether or not a family’s address is eligible and this can have an effect on properties within just a few yards of one another.
Valuations can be further complicated by factors such as whether or not an apartment has a river view – estate agents Cluttons found that views of the Thames could command premiums of as much as 73 per cent for rental properties.
If you are thinking of letting Battersea property Winchester White can provide a valuation that is based on deep knowledge of the rental property market coupled with an understanding of what tenants are really looking for.
As a dedicated lettings agency we are able to focus attention on the kind of detail that helps landlords achieve the best market rate for their properties. If you have a house or apartment to rent in Battersea, Clapham, Putney or Wandsworth call our Battersea office today to arrange a free valuation.