The number of renters are continuing to rise as property prices become unaffordable, residential lettings software is here to help with the increase in demands.

The latest figures show that even affluent neighbourhoods such as Westminster, Kensington and Chelsea in London are being taken over by renters paying around £600 a week for a one-bedroom flat whereas buying the property would cost £900,000. A quarter of homes in the capital are now privately rented.

Yesterday saw the launch event for a new block of flats in Canary Wharf, the home of city bankers and the stock exchange. Work on the Maine Tower hasn’t even begun yet, it won’t be completed for another four years but that didn’t stop 208 flats in the 41 storey block being snapped up in four hours where prices range from £350,000 for a studio flat to £1.25 million for a 3 bed apartment. £580,000 was exchanged every minute and the most luxury penthouse apartments haven’t been released yet.

There was clearly a buzz about this launch as a queue was being formed 36 hours prior as both homeowners and investors wanted their piece of this new build. Half of the sales came from abroad as the launch was not only hosted near where the site is set to be built, there was another in Hong Kong where 50 properties were bought as the wealthy Chinese are looking for long-term investments.

The value of property in the capital has risen by 61% in just 5 years, guided mostly by foreign investors. Developers are looking to cash in on these opportunities, there are currently over 50,000 homes being built and in the planning stages worth £1,000,000. This is great as it brings money into the city but this isn’t helping ‘Generation Rent’ who are struggling to find affordable housing. First time buyers now need to be on a £77,000 salary just to get on to the property ladder.

Inside Maine Towers residents will have access to a gym, cinema and private library. Canary Wharf has seen many transformations since it became the home of the London Stock Exchange and the latest influx of residential flats are giving the area a community of wealth.

Buying property off plan is ideal for investors with cash but when the flats are finally finished will there be tenants wanting/able to pay extortionate rates?

Whether you manage blocks of flats or have properties to rent, call 0114 2307305 or complete our contact form to arrange a presentation of our residential lettings software, Decorus for Sage. 
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