Trends within the
London residential lettings market are changing these days. Not exactly in
terms of the percentage increase or decrease, but it is amazing to see how the
students these days are seen searching for the more expensive rental
apartments. Overseas students are seeking and renting nearly £1,000 a week
prime property within London, courtesy of their rich parents. Lettings agents
these days are receiving many enquiries from students all over the world for
long lets in London. So much so that students are also bidding against each
other for certain studio and one bedroom properties.
If you are also
looking for a long term tenancy in London, you would need to be quick as the demand
for rental accommodation is constantly rising and not just from students, but
also from those home seekers who chose to stop searching during the period of
the Olympics and begin again afterwards. Despite the high demand in property
market, the need for fairly priced residential lettings to avoid long and
extended void periods is evident. Rents in the prime central London lettings
market have fallen slightly as a result of the Euro-zone crisis, and also because
there are now 40% less jobs in the City as compared to 2007.
Right now it
seems people are more interested in investing in properties worth around the £2
million mark, especially overseas investors. The sudden increase in buyers’
interest is also because of the Olympics, and notably again for in properties
up to £2 million. Investment buyers are in fact deliberately purchasing properties
worth less than £2 million to avoid high Stamp Duty.
Whether you are
a potential tenant looking for a long term rental property or wishing to buy
property only for investment purposes, it is important that you gather
information and become more aware of the market before finalising any deal. You
could also consider taking expert help from a Leading letting agent in London or
a real estate agent.
