Why choose a greener borough for your London buy to let?
Choosing a greener London borough for your buy to let property purchase can be a savvy decision for several reasons. And we don’t just mean a neighbourhood known for its parks and trees; although these green spaces and leafy canopies both play an important role in tackling climate change, we are also talking about green in the environmental sense of the word.
Read on to find out 3 ways a greener location will add value to your buy to let.
1.Growing demand
The existence of our business – a lettings business with core sustainable values – is testament to a growing demand for eco-friendly living spaces, as buyers and tenants alike become more environmentally conscious. Particularly in cities like London, more renters prioritize locations that offer sustainable infrastructure and energy-efficient features, leading to higher demand for properties in sustainable neighbourhoods.
Placed 6th out of 100 in the 2022 Sustainable Cities Index, London is an increasingly marketable destination for eco-tourism, too. If you have ever considered renting out your property on a short-term basis, it is certainly worth tapping into this market.
Due to this growing demand, properties that tick all the boxes on the environmental checklist can result in a better return on your investment over time. So, when looking to purchase your London buy to let, ask yourself:
Is it near to public transport, safe cycle routes and walkways?
Is there green space and wildlife close by?
Is the property part of a development that was built using clean construction methods?
Or has it been upgraded with energy saving measures? For example, at Fairway we manage an increasing number of central London properties which have been refurbished in the Passivhaus way.
All these factors will appeal to environmentally conscious tenants who are willing to pay a premium for sustainable and energy-efficient living.
2.Responsible Tenants
It follows that an environmentally responsible tenant will want to take good care of the property they are renting and maintain it well. They are also likely to want to be part of a meaningful community that works together to tackle climate change.
Some of London’s most central boroughs, including Camden and Islington, have a number of community organisations working for cleaner air, greener spaces, and better and safer walkways and cycle routes. Investing in prime property in these neighbourhoods has the potential to secure reliable tenants and a stable, steady rental income.
3. Cooling Canopies
Together with the improved quality of life residents enjoy being able to access nature while living in the city, there are numerous environmental benefits to a property let with green space close by.
A heat map of London shows that despite its central location the borough of Westminster stays relatively cool, thanks to the green spaces and tree cover afforded by its many green flag parks. Trees play a crucial role in urban cooling, establishing habitats for London's wildlife, mitigating flood risks, and combatting climate change by storing carbon. Another reason to future proof your investment by purchasing property in a greener area.
We are experts in sourcing prime residential property for our clients to buy and let on a long-, medium-, or short-term basis. We believe that factors such as rental demand, property prices, amenities, and the overall economic situation of the area should always be taken into consideration alongside its ecological credentials. If you think our values might align, get in touch to find out more about how we can help you make the right investment.