The Importance of Location When it Comes to Lettings in the UK

When renting a property in the UK, “the location” plays a crucial role, which can make or break the success of a rental. From schools to transportation facilities to other amenities, the location of a property can significantly impact its demand and price, as well as the type of tenants that will be attracted to it, etc. While the location is very crucial when buying somewhere to live, the same goes for buy-to-let properties too. That said, let’s examine the importance of location when it comes to letting properties in the UK.

Urban areas hold more demand than rural areas

The location of the property largely determines the demand for rental properties. If you happen to converse with experts in the field, like letting agents in Maidstone, you might get the idea that properties located in popular areas, such as central London or Manchester, will often have a higher demand. This is due to these areas’ attractive lifestyles and employment opportunities. On the other hand, properties in more rural areas may have lower demand as they are less accessible to job opportunities and amenities.

The more urban, the more pricey the location will be

A property’s location also directly impacts the rental price that a landlord can charge. Properties located in prime areas are often in high demand, and as a result, landlords can command higher rental prices for their properties. For example, the average rental price for a two-bedroom property in central London is around £2,000 per month, whereas in a more rural area, the average rental price for the same property is likely to be around £800 per month.

With more facilities comes higher demand 

Another factor impacting the demand for rental properties is proximity to local amenities. This includes supermarkets, schools, public transportation, and many other public spots. Properties located near these amenities are more likely to be in high demand, as they offer a more convenient lifestyle for tenants. For example, properties near good schools are often more sought after by families with children. And places surrounded by cafes, internet centres, and other chill-out spots are in high demand among students and workers.

A greater sense of security and safety attracts

When letting a property, almost all tenants tend to prioritise a high-security system and a safe neighbourhood. Properties located in areas with high crime rates or poor public safety may be less desirable for tenants and could result in lower rental prices. On the other hand, properties located in areas with low crime rates and good public safety are more likely to be in high demand and command higher rental prices. Therefore, it is important to note that a property’s location can adversely impact safety and security aspects.

Demand on the basis of the type of tenant 

In addition to demand and rental prices, the location of a property can also have an impact on the type of tenants that are likely to be attracted to the property. For instance, properties in urban areas are more likely to attract young professionals looking for easy access to job opportunities and social activities. On the other hand, properties in more rural areas may appeal to senior citizens seeking a more relaxed lifestyle.

Bottom line

Letting properties in the UK depends heavily on the location of a property. As discussed earlier, properties in prime areas with high demand and attractive amenities are likely to command higher rental prices and attract more desirable tenants. On the other hand, properties in areas with lower demand and fewer amenities may be less desirable and result in lower rental prices.

While you may not be able to predict what will happen to house prices over the course of your ownership, you can make the most of your investment by choosing wisely. So, take the time to run your research and carefully consider the location of a property when deciding whether to let it, and be aware of the impact that location can have on the demand, rental price, and type of tenants attracted to the property. By considering the factors discussed in this blog, landlords can maximise the success of their rental properties and ensure that they are able to command high rental prices and attract desirable tenants.