North London is a vague collective term for the area of London which is located on the north side of the River Thames and this particular separation of the city was created by the Boundary Commission. Boroughs of London which are covered in the North London boundaries include the City of London, Barking and Dagenham, Hammersmith and Fulham, Kensington and Chelsea, Tower Hamlets and Waltham Forest as well as many more. Each borough in North London boasts its own range of benefits and considerations which need to be made before a private landlord should start buying or selling a property in the area.
Covering such as large area (357.62 square miles to be precise) results in the total population of North London being 4.7 million! A large area covered combined with the variation in population across the whole of the North side of London can contribute to the opportunities available for private landlords in North London.
North London covers central London, East London and West London and looking at the various boroughs, properties and the markets within each of the larger areas shows massive fluctuations in types of properties and the all important cost of such properties which should be expected considering there are over 6000 properties currently for sale in North London. A private landlord in north London can find that even within one borough or district of London the types of property and the cost of such can vary massively.
The actual number of properties for sale will interest any private landlord in North London who is doing due diligence and the researched which is required for them to stay on top of the property trading game! But a private landlord in North London who focuses on making investments based on buy to let potential should additionally complete a significant amount of research into the rental industry and tenant status for properties across each of the individual London boroughs. The 6000 properties which are typically available for sale through estate agents is somewhat drowned out by the number of properties which are available to let through letting agents, typically around 7000 with an average monthly rental income of £1938 but this is another factor which massively varies throughout each individual borough and needs to be researched in depth. The best way to identify the potential of your North London property as a private landlord would be to compare to similar properties on the same or neighbouring streets.
As a result of the variation of property types, sizes and locations which are all available for private landlords in North London there is also a huge variation in the property values, some areas of North London are relatively affordable for the city especially if purchasing a small property. On the other hand if you need space or want to head to one of the more popular areas of North London you will see significantly higher property prices around. One of the main reasons why the average property price in North London which is currently around the £670,000 mark ad therefore is significantly higher than the rest of London’s value of £388,000 is mainly due to some of the most expensive areas in the city being located in North London and private landlords need to be aware of this issue if they happen to be making decisions based on the overall area of northern London.
The most expensive areas for property for private landlords London include several that are located in North London in particular. From the whole city the Kensington postcode is the most expensive place to purchase a property and it features the most expensive street in the United Kingdom which is Kensington Palace Gardens. A property on this street of north London would set you back on average a massive £22.17 million. In the area as a whole the average property price is £1.8 million, almost over 5 times more than the average property prices in London as a whole.
Some more of the most expensive areas to live in London and The United Kingdom as a whole which are located in North London also include the likes of Chelsea, Knightsbridge, Notting Hill and West Brompton all of which are in or around the Royal Borough of Kensington and they all come with average property values between £1.4 million and £1.1 million. Investing in these areas alone can be considered a risky business with all of your eggs in one basket.
There are more affordable areas of North London that a private landlord would be able to invest in, especially one just starting out or those that want to spread their total investment over a range of properties. The east of North London is home to some of the most affordable areas to purchase property in the whole of London so it is easy to find what you are looking for once you are aware of this. Some of the most affordable areas to purchase a property in are Barking and Dagenham which has a low average of only £167,000, Waltham Forest where property will set you back a reasonable £220,000 and Havering with an average property being worth £224,000. Of course once you look closer into each of these boroughs you will find a spread of properties with the bigger, detached homes with 3-4 bedrooms costing significantly more than the 1 bedroom flats.
The vast differences in price does mean that when you are a private Landlord in North London and looking to sell your property it is important that it is marketed to those looking for properties within that particular budget and area. It would be a waste of resources to advertise a property in Kensington to buyers with a small budget.
Private landlords in North London looking to sell their property as quickly as possible can be assisted by Private Landlords London who aim to sell your property in a matter of weeks with an effective listings procedure and ability to penetrate your listing into its target market.