Property Rentals

Property Rentals In London

When considering whether to purchase or rent a home in London it is worth remembering that property rentals are a much more flexible option than taking out a mortgage.

You will only have to commit to live in one area for a comparatively short period of time and a one year letting arrangement will feel very different to a 25 year mortgage.

Young people who are leaving home or finishing university will often decide to rent a flat or house whilst establishing their career and finding their feet in the world.

The current economic climate has done little to encourage anyone to make long term decisions about where they will live and work and any previously held expectations of property being a short term investment have been set aside.

The press has even coined a term for it! The present day name for the rental community is "generation rent" due to the fact that fewer mortgages are been offered by the banks and the banks now require a higher deposit from people wishing to take up mortgages.

Hence most people of this generation and age will end up renting, thus the name "Generation Rent".

This has increased the number of people in the rental market who are looking for homes to rent and has also put extra pressure on the rental values of the homes that are available for rent.

Property rentals will therefore continue to be the main choice for many people until they feel secure in their current career and confident of their future employment prospects or they are able to save up for the higher deposits required by the banks in today's mortgage market.

As a matter of fact the choice has never been wider - investors who put their spare cash into 'buy to let' property during the years when the economy was booming have seen a steady increase in the number of applicants who are looking for quality rented accommodation.

At the present moment, the Buy to let industry is experiencing a boom based on the position of the banks on mortgages as newer developments are been put on hold due to the credit crunch.

Town, city and even village dwellers usually have plenty of options when deciding to rent a property, most areas will have a selection of houses and flats of varying styles and sizes.

Budget priced accommodation will come with basic kitchen, bathroom and flooring but luxury apartments and houses may have designer fixtures and quality fittings that will appeal to even the most discerning tenant.

Anyone who has considered a mortgage will be familiar with the feelings of uncertainty and doubt that are associated with taking on such a long term financial commitment.

For younger people especially, the changes to lifestyle and reduction in spare spending money can be off-putting and they often decide that they prefer to wait a while before they burden themselves with extra financial responsibilities.

All of these points mean that for the time being property rentals can often offer a better standard of living when compared to buying a home.

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