If you've been considering whether to rent property in London or take the plunge and purchase, you can't have missed some of the amazing twists and turns the market has taken recently. The main city is now one of the most expensive cities in the world for property rent per square foot, yet still it is constantly on the attract people from all over the world keen to rent and purchase. This five minute help guide to a few of the ins and outs of the London market recently may help you prior to you heading for the estate agents: Three reasons why people decide to rent and equally 3 reasons why it is a good time to buy.
Three reasons People Choose To Rent Property Working in london
1. Homebuyers Can't Find Their Dream Home
Many people are deciding to rent as the supply of housing to purchase has fallen making it harder for them to find their dream home. The amount of new build homes had decreased dramatically, and also the last year saw the lowest amounts of new builds on record because the lowest ever on record in 1923. Property rent prices currently mean they can be well accommodated meanwhile.
property in London2. Many Are Waiting For More Favourable Mortgage Conditions
In addition to a shortage of choice as far as obtaining the right home goes, some are having difficulty securing a home loan to match them, as lending has markedly decreased recently. Most are opting to bide their time and simply rent property in London within the interim.
3. Renting May be the New Vogue
Regardless of how long they've embraced the London lifestyle for, one trend that is emerging is the fact that Londoners are now beginning to follow the European model, with home ownership a lesser priority for a lot of young professionals compared to previous years. Some will be inevitably priced out but some are simply less concerned with buying than the generation before them. The average London property rent ranges from £120 per week or a studio to some staggering £12,000 for luxury accommodation, meaning the city will suit various kinds of renters.
3 Reasons People Choose To Buy Property In London
1. Buy To Let Can be a Good Investment
As noted above, there is an extremely strong interest in rented accommodation working in london and this is prompting many to speculate this is a great time to invest in buy-to-let properties. It has been speculated that alongside a growing demand in the rental sector, London property rent will only increase.
To Buy Or Rent Property in London2. The 2012 Olympics
There's been great excitement within some London sectors about the hosting from the 2012 Olympics bringing good investment opportunities to the capital. Nowadays there are emerging 'property hotspots' towards the East of the city where prices are still less than elsewhere in the capital yet what is on offer looks like it's tempting buyers from more expensive areas. Some are speculating this is the time to buy after which watch for a while until after the Olympics before selling, to get a better return on your investment.
3. Housing prices are Predicted To Climb From 2011
Along with the 2012 Olympics, another timely reason to buy is that some property insiders are predicting property prices will begin to climb from 2011. Some are even predicting over a 43% rise in house prices for premium properties over the next 5 years. So although the London property pages have certainly seen their fair share of doom and gloom recently, there are many arguments to state that purchasing within the capital still represents a great investment in your future.
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