Zoopla reveals the highest rental demand in London are for homes in Docklands which can benefit buy-to-let investors owners.
Research from Zoopla reveals Docklands in London attracts the most demand from people looking for a rental home and buy-to-let landlords would benefit with these properties in their portfolio.
Docklands is the E14 postcode and includes Canary Wharf and the Isle of Dogs with many major financial institutions and modern apartment blocks topping the most search rental location on Zoopla during the past 12 months.
Annabel Dixon spokesperson for Zoopla says, It’s perhaps no surprise that Canary Wharf and the Isle of Dogs has been highlighted as a popular choice for London renters.
The lack of suitable properties on the market at an affordable price for first time buyers means they must continue renting and saving for a bigger deposit while living in central London.
Central London popular with renters
The second most popular location is W2 postcode district of Paddington and Bayswater and third is SE1, including South Bank, Bankside, Bermondsey and Waterloo.
The following table from Zoopla shows the top ten London areas for all rental properties in the last 12 months.
| Rank | Postcode | Area |
|---|---|---|
| 1 | E14 | Canary Wharf/ Isle of Dogs |
| 2 | W2 | Paddington / Bayswater |
| 3 | SE1 | Southwark/Lambeth |
| 4 | N1 | Islington |
| 5 | NW1 | Camden |
| 6 | E1 | Whitechapel/Stepney Green |
| 7 | SW6 | Fulham |
| 8 | NW3 | North & East Hampstead |
| 9 | NW6 | Kilburn / West Hampstead |
| 10 | SW11 | Battersea |
Dixon says, Docklands has long been associated with gleaming office towers, it’s now buzzing with new restaurants, bars, shops and homes, transforming it into a sought-after destination to live as well as work.
Smaller properties are the most searched for in central London with two-bedroom flats being the most popular for renting and Docklands the top search location.
Second most searched location is Southwark and Lambeth with Whitechapel and Stepney Green coming third.
Up-and-coming locations of Bermondsey and Rotherhithe were the ninth most searched for smaller flats while Stratford was ranked tenth.
For renters looking at getting on the property ladder, help can come from family members as the equity release buyer can access wealth using a lifetime mortgage and gift a child or grandchild the deposit on their first home.
Outer London popular with families
For older people with families or looking for more space the only affordable option is to search in outer London.
The following table from Zoopla shows the top ten London areas for families renting properties in the last 12 months.
| Rank | Postcode | Area |
|---|---|---|
| 1 | NW9 | Colindale/Kingsbury/Hendons |
| 2 | E17 | Walthamstow |
| 3 | SW16 | Streatham |
| 4 | SW19 | Wimbledon |
| 5 | SW6 | Fulham |
| 6 | NW11 | Golders Green |
| 7 | E6 | East Ham |
| 8 | SW17 | Tooting |
| 9 | NW10 | Harlesden/Park Royal |
| 10 | NW4 | West Hendon/Brent Cross |
The top search location is the NW9 postcode including Colindale, Kingsbury and Hendon for three and four-bedroom houses followed by Walthamstow and Streatham.
Other popular areas included Wimbledon, Fulham and Golders Green.
Dixon says, renters searching for larger family homes in the capital showed a clear preference for the suburbs which benefit from leafy surroundings and well-regarded local schools.
For home movers selling in central London with high property values, they can find value in outer London and may have extra equity for a deposit to buy a larger home or can reduce their mortgage.
One advantage for existing homeowners is remortgage buyers living in London with higher property values give them an opportunity to release capital which they can use to improve their home.
What are your next steps?
Call our LCM mortgage brokers if you are a buy-to-let landlord with a property, remortgaging and want the best mortgage deal, buying your first home or you are planning to move home.
For equity release buyers our London City Mortgage advisers can recommend lifetime mortgages allowing you to receive cash from your home to gift to a family member or friend or even reduce inheritance tax owed by your beneficiaries.
Learn more by using the mortgage monthly cost calculators, property value tracker chart and equity release calculator. Start with a free mortgage quote or call us and we can take your details.
