Do you own property in London and are you considering renting it out? Renting can be a bit of a minefield as well as being incredibly time consuming and those that live hectic and international lifestyles just do not have the time to dedicate to such matters. That is where D&A Group come in – with years of experience managing and administrating rental properties in London, we are perfectly placed to take care of all your Property Management needs – here are seven things you should consider, and seven things we can help you with.
1. Rental Prices in London
Whilst the average rental price for a two-bedroom apartment in London is £1,788, the price can vary dramatically depending on the area. Areas such as Mayfair, Aldwych, and St James have averages of between £5400p/m and £6339p/m, whilst in Bexleyheath, Erith, and Crayford tenants can expect to pay anywhere between £1017p/m and £1081p/m for a two-bedroom flat. When it comes to pricing, location is everything and with prices rising steadily, if you are located in a prime spot, you can expect to make a handsome profit on your real estate investment. It is important to choose a price that reflects the value of the property, whilst ensuring that you do not price yourself out of the market completely- drawing on our years of local expertise, this is something we are able to assist with.
South Kensington
This area of London is one of the most sought after when it comes to renting. One of the most affluent parts of the city, it is home to The Royal Albert Hall, The Victoria and Albert Museum, The Royal College of Art, a large number of fine French restaurants, and exclusive boutiques touting designer wares. For a two-bedroom property located within this prime spot, the average rental price is an impressive £4668p/m.
Notting Hill Gate
Located in the Royal Borough of Kensington and Chelsea, Notting Hill Gate sits just to the south of Notting Hill. With a slightly more bohemian vibe than South Kensington, the area is home to cafes, restaurants, vintage shops, record stores, antique shops, and two historic cinemas; The Coronet and The Gate. Whilst prices here are slightly lower than South Kensington, you can still expect to command in the region of £2788p/m on average for a two-bedroom property.
Maida Vale
A part of the City of Westminster and just north of Paddington, Maida Vale is home to some of the BBC’s radio and broadcast studios as well as a wide range of independent cafes and shops. It is also known for the area “Little Venice” which is defined by Regency style stucco buildings, canals, and moored boats, and of course the Little Venice Lagoon. The average two-bedroom property in Maida Vale will cost in the region of £3,206 p/m.
Here you can find more information regarding the Studio flats and 1 bed flats prices in London:
Studio flat prices in London
| Price ranking | Average Price Per Month | Area |
| Highest Price | £2,943 | Tower Hill |
| 2nd Highest Price | £2,428 | Aldwich |
| 3rd Highest Price | £2,422 | Temple |
| 3rd Lowest Price | £655 | Addiscombe |
| 2nd Lowest Price | £595 | Bexleyheath |
| Lowest Price | £590 | Blackfen |
1 bed flats prices in London
| Price ranking | Average Price Per Month | Area |
| Highest Price | £3,928 | Mayfair |
| 2nd Highest Price | £2,856 | Belgravia |
| 3rd Highest Price | £2,848 | Knightsbridge |
| 3rd Lowest Price | £767 | Bigging Hill |
| 2nd Lowest Price | £765 | Harmondsworth |
| Lowest Price | £750 | St Paul’s Cray |
Source: London rental report 2018, URL: https://www.movebubble.com/london/renting-advice/2017/10/london-rental-report-june-2018
2. Contract Types
There is no such thing as a one-size-fits-all approach when it comes to what contract will be offered to clients. Not only is each of our clients unique, but their properties, needs, and expectations are as well, that is why we can help you draft the right kind of contract agreement for your personal needs.
3. Big Agency or Small Agency?
When it comes to deciding between a big corporate agency, or a smaller boutique firm, it mainly comes down to personal preference. With a big focus on forging strong,personalised, and highly professional relationships, you can be assured that with D&A Group, we face you needs with a tailor-made approach that you just cannot get with a large, corporate agency. Our highly skilled team draw on decades of combined experience in the local property market to be able to provide you in-house solutions, when and how you want them.
4. Property Management Fees
What you pay your property manager can really depend on what tasks they are undertaking but they can range anywhere from what we charge (6%) up to a whopping 30%. D&A Group for example can provide property management for portfolios of any size and we offer 24/7/365 support regarding any issues or queries that may arise. For just 6% we can take the hassle of managing property out of your already busy schedule, leaving you to focus on the things you want to and need to do. Just sit down with us, tell us what you need and what you expect, and we can advise you how we can help make it a reality.
5. Property Management and Airbnb
Airbnb is becoming an increasingly popular way for both tourists and short-term tenants to solve their accommodation requirements. Whilst you might be hesitant to rent your property to tourists, renting it on a short term basis e.g. 1-6 months can provide higher level of income than short term lets. Of course, with Airbnb, there is more management required than with a long term rental, and that is where D&A Group property management services can be of assistance.
6. Property Management when Abroad
In an increasingly globalised world, we realise that many of our clients travel extensively for work, and pleasure, as well as having residential bases in other countries. If you are renting out a property in London yet residing in New York, the last thing you want to be doing is having to be concerned with the day-to-day running and administration of your UK property. We can assume full control and responsibility of these matters, leaving you to enjoy your vacations, business, or life in another jurisdiction
7. Adapting to Rising Prices
Property prices in London see to be continually on the rise with prices increasing by 2.7% by 2019. This rise in value directly correlates to rising rental prices and as more and more people move to one of the world’s main business and commerce centres. With the population set to increase by 600,000 by 2021, the demand for high-quality rental properties is not set to diminish any time soon. When it comes to keeping up with rising market values, of course you are entitled to increase the rent, but there are rules that you must abide by.
In the case of a rolling tenancy, you can only increase the rent once a year unless the tenant agrees, and in the case of a fixed-term tenancy, you can only increase the rent during the tenure of the contract, with the permission of the tenant. Otherwise rents can only be increased when the tenancy comes to an end, and only then can it be increased in line with the average local rents. In the case of weekly or monthly tenants, one month’s notice must be given, but in the case of one year tenancies, six months must be given.
This is why you need to enlist the help of D&A Group to ensure that firstly you are asking a suitable amount for your property, and secondly to take care of all issues pertaining to rental increase, notifications, and contracts.
To speak to a member of our team about our Property Management Services, please contact us as soon as possible!
