London letting agent Marc von Grundherr, of Benham & Reeves, is setting off to visit the Middle East and Far East to talk to would-be investors in London property.
He starts next week in Dubai before going on to Kuala Lumpur and Singapore – all places where Benham & Reeves has overseas branches, on top of its nine in London.
Von Grunherr says there is a ‘chronic shortgage’ of rental properties in London, including in areas where properties were hard to let three years ago.
Now, he says, City workers are going further afield to places like Deptford and Lewisham to find more affordable properties to rent.
He said his firm is experiencing up to 15 applicants per property in parts of London, pushing rents up 10% since this time a year ago. Void periods are down to one or two days.
He said there are 20% more first-time landlords than a year ago, and there is strong demand from overseas to purchase investment property.
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