London has one of the hottest property markets in the world. With so much competition for houses and huge house prices, it can be tough to find a flat for you to rent.
If you’re thinking about moving to London, one thing you’ll notice is that London has many different areas- some more expensive than others.
If you’re looking to make this flat a long-term home, it’s best to pick an area of London that’s best for you. London is a huge city! There is such a wide range of prices depending on the area you’re looking to rent the flat in.
Searching for flats in London is tricky. But to relieve the stress, here is some information about the London rental market and a few tips on making your search a little easier.
Rental prices in London
It’s no secret that London house prices are pretty high! With house prices multiplying, more people are unable to afford deposits on flats and prefer to rent.
Renting is also becoming more popular. By 2025, it’s estimated that around 60% of people in London will be renting their houses. Unfortunately, rent isn’t much cheaper either!
The average rent for flats in London is around £1600 a month. Compared to other areas of the UK, this is a hefty sum. When renting a flat, you will need a deposit of around 4-6 weeks of rent.
Finding a flat to rent in London
If you have your money ready to pay for your flat, then your next job is finding a flat that you love.
Firstly, you need to make your search a bit more specific. London is a massive region with several different boroughs. If you pick a specific area of London that you want to move to, this will make your search a lot easier.
When searching for an area to rent in London, you will need to work out what you want in a flat.
If you’re looking to live in central London or more expensive parts of London, you’ll likely have to find a smaller flat or studio flat to stick to your budget. You want might consider renting a self storage in London.
If you want a more spacious flat with more rooms, an area further out from the centre of London usually is cheaper and will let you keep to your budget.
There are also many different types of flats that you will need to pick out. If you’re a student, it’s probably ideal to look at a flatshare to cut costs. A flatshare reduces your rent but still lets you live in a great home fit for you.
If you’re a young professional or couple, then a studio flat might be ideal for you. You probably won’t need that much space as a couple or young professional and studio flats usually are cheaper than multi-room flats.
Flats are still suitable for families in London. There are more spacious flats with multiple bedrooms in many different areas of London. These types of flats are usually more expensive to rent than smaller ones.
For more information about renting flats in London, you can visit Oasis Living.
Original Source: https://estateagentnetworking.co.uk/a-guide-to-renting-flats-in-london/
