Here’s the scoop on the sales vs. lettings climate right now in …let’s separate fact from fiction so you really know what to expect when you move here.
MYTH: It’s a tenant’s market right now as housing prices are depressed.
FACT: Regardless if there’s a decline in overall UK housing prices, the rest of the UK is not to be confused with London. This city has its own microeconomy spinning its gears independently of the nation given the high demand to live here as well as differences in demographics (economically and internationally).
What will continue to keep rent prices high, unfortunately, is the fact that supply is decreasing in the face of strong demand. As I wrote in a previous post, there is a greater number of renters out there since last year—even first time buyers are out there renting again. And yet there is increased interest in sales again (yes, there are still people out there with money to burn), so many landlords who once made their properties available for long-term let are pulling them off of rental listings to put them back on the market for purchase.
If you’re relocating and deciding on neighborhoods, the boroughs that have held their value well are Kensington & Chelsea and Westminster. These continue to be high in demand among foreigners (especially Americans and Canadians) and locals alike, as they are safe, well-maintained, and central.
Finding a flat that you can afford is no easy feat in this popular city, so consider contacting a relocation company like London Relocation Ltd. to at least consult with a relocation agent who can advise on what to realistically expect. We’re all expats on staff here, so you’ll know we understand too well where you’re coming from; we want to make it all easier for you, so do not hesitate to contact us.