February House Price Index
- 21 March 2016
- London Rental Market
Throughout Great Britain, London remains to be the center of positive price change. This chart below from Nationwide illustrates the…Read More
London is currently experiencing an economic boom. With more and more people relocating for work, this creates a shortage in housing.
A recent trend where renters have been sticking to renting has been quite the norm, without desire to purchase rather than renting. This is because banks are making it almost impossible for young adults to acquire mortgages without a large down payment. In addition, the ever rising costs of flats isn’t making it any easier for the younger generation to purchase.
The third reason is that the building of homes took a halt two years ago when construction companies were unable to receive loans and mortgages, thus no additional homes could be built to accommodate the influx of prospective buyers and renters.
There is a light to the end of every tunnel. The good news is that new flats have started to sprout all over town, which can only mean more landlords will be encouraged to purchase in return will rent out to prospective tenants. In addition, more people will be looking for flatmates considering the higher number of homes becoming available. In conclusion, don’t stress, things are looking brighter and it could only get better from here.