London is a desirable place to live thanks to the job opportunities within the capital, the extensive transport links throughout the city, and the bustling social life involved with living here.
So, now that you’re beginning to explore the areas in London that attract you, it would be wise to see the current state of the London rental market first.
Let’s look at what renting in London looks like right now and what you can expect as you look for your ideal property.
The relationship between housing prices, mortgage costs, and renting
Certain external factors have made a significant difference in housing and mortgage prices across the UK. The knock-on effect this has on rental prices is crucial. If the mortgage repayments increase for a landlord, it’s likely that the amount of rent they will charge will also increase.
However, these increases need contextual explanation. House prices tend to steadily rise in patterns anyway (unless there is a financial crash, for instance), but housing prices across the UK haven’t risen quite as much this year as they usually would.
A slow rate of growth doesn’t necessarily mean that mortgage prices will fluctuate at the same rate. We’ve seen that the interest rates for mortgage payers have been higher recently than they have been for a long time, so even though the value of a property plateaus, repayments to mortgage providers can still be higher and those costs could be passed onto tenants.
Interest rates on mortgages look like they are climbing down after a tumultuous spike, but ultimately, it depends on the mortgage policy that was taken out and when it was taken out, so it’s not exactly true that rental prices will increase.
How KrispyHouse benefits London renters
There is currently an increase in the number of properties that are hitting the market in London. Even if they are listed for sale, there is a strong chance that a lot of these will be purchased for buy-to-let purposes, meaning more rental availability in the capital.
At KrispyHouse, we provide a simple and fast platform that puts you in touch with agents securely. Our chat services and video viewings mean that looking for your prospective property has never been easier.
While London rental prices increase, this will hopefully coincide with a drop in the inflation felt across the country, meaning everyday household purchases should come down. We provide a user-friendly app that is stress-free to navigate so you can get a clear view of what the property is like and the total costs you will pay.
If you’re ready to explore what properties are available in London, explore the KrispyHouse website to find out more.