Rentals undergo 'phenomenal' rise in value
Rental properties in the capital have undergone a "phenomenal" rise in value, one leading high street bank has claimed.
Sainsbury's Bank said that rented properties have appreciated in value at such a rapid pace that many landlords would be well advised to double check whether they have still adequate insurance cover.
Steve Johnson, head of insurance at the bank, cited a report which found that the value of rented properties Nationwide has reached £641 billion, up from £571 billion just one year ago.
"So there's been an increase of about £5.7 billion a month according to this research - which is phenomenal."
Growing demand for properties in the capital is believed to be driving much of the surge, with London house prices rising 14.6 per cent over the past year as domestic and foreign buy-to-let investors move in their droves to snap up the limited supply of housing.
Landlords now own about 2.8 million properties in the country, according to Sainsbury's, making renting the preferred option for many young Brits who see no way of getting on the housing ladder.
Published 15th February, 2008
© 2008 Estates IT Limited
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Rental properties in the capital have undergone a "phenomenal" rise in value, one leading high street bank has claimed.