What are the Expectation Vs Reality Of London Rentals!!

Let’s do a reality check of our Expectations when we decide to move to London & plan on taking a rental property in London. London rentals in 2023 is on it’s own trajectory i.e moving only upwards!

Expectation-

You’ll book a hotel stay for a week or two while you look for your dream rental property.

You go out expecting to find the perfect place that meets all your requirements and move into the London rental home maximum within 2 -3 weeks. You hope to call London home as quickly as possible.

Reality

The process of finding a place to live in London can be pretty tedious, but with enough preparation and knowing how the process works, you’ll be able to find the kind of property that suits your needs. Keeping a minimum of 2 weeks to just viewing is a good idea.

After conducting some research on the area, you want to live in, show the intent of interest to property agents and wait for them to get back to you.

The landlord’s availability and the agent’s schedule may affect how quickly you can view the property.

Once you finally get a chance to view the property, express your intention and the rental amount you’re willing to pay. However, at the end of the day it’s up to the Owner whether or not they’ll entertain your interest.💁🏻💁

If the Owner agrees with your offer, there will still be reference checks, mortgage assessments, and requests for a guarantor for the London rental property before you are allowed to sign a contract.

Remember that after signing a contract, the landlord must obtain Electrical & Fire safety certificates before letting you occupy the property. Allowing for these things, give yourself at least six to eight weeks before you can think of moving into a new home in London.

Good luck with your search!!

Expectation

I’ll find the London rental property easily with no competition and a Wide range of properties will be available for viewing and for selection.

I’ll be able to pick according to my requirement.

Reality

Finding a good house to rent in and around the London area can be quite tricky. Areas close to the city center, universities, or good schools are in high demand, so it can be hard to find exactly what you need. Additionally, rental properties near tube lines or national rail services also have low availability too. This means that you may have to compromise on some of your requirements if you want to secure a property.

Moreover, there is a flurry of competition for any property on the market, often with 10-15 potential tenants all vying for the same place. Such fierce rivalry means that London’s rental market is incredibly competitive. Plus, due to the limited number of houses out there, it’s imperative to act quickly if you want any chance of getting the place you want. It is not an easy task, but with courage and decisiveness, you might succeed.

https://www.telegraph.co.uk/property/news/landlords-now-demanding-record-3000-rent-london-prices-could/

Expectation-

I’ll Pay as much as is quoted on the website, or I’ll be able to negotiate and bring down the rental amount.

Reality

      It is assumed that the advertised rental price for a given property is what will be paid.

You cannot be further from Truth!!

But, due to a limited amount of available properties in London, competition can be stiff for most listings. Bidding wars may ensue between prospective tenants, and you may need to submit an offer above the listed price in order to try and secure the property. Unfortunately, it is not guaranteed that your bid shall be accepted, as another renter could potentially outbid you.

Be prepared to pay more than the original asking price.

The government does not have rent control laws, meaning landlords are able to increase the rate they feel is reasonable. This is especially true if there is high demand for their property.

Expectation-

I’ll find a decent property in my budget & still have money to splurge. 

Reality :

Year-over-year, rental payments have seen a 17% increase. 📈

A survey revealed that people devote 48% of their income to rent. With subsidies being taken away as of April 2023 and utilities costs on the rise, tenants are having to shell out more money from their budget for housing expenses. This financial burden is putting a strain on students and families whose salaries remain stagnant in light of the growing cost of living.

People have resorted to moving in with their parents, unable to keep up with the ever increasing rental costs. London is currently in a rental crisis.

Students & family are struggling with ever increase in rentals & stagnant salaries. Young people and families have taken to live with their parents as they no longer can afford rentals.

London is in a rental crisis at the moment.

Expectation:

I can stay until the lease period ends.

I can breathe easily once I have acquired a rental property.

Reality :

Though you can legally reside in your rental property up until the lease expires, Increasingly, it’s becoming common for landlords asking to leave after giving 2-month notification. During peak seasons, some owners may be looking for better deals and could ask you to leave.

Your safety of house possession is until before the lock-in period ends.

Expectation-

Bills would be covered by the Owner of London rental property. I’ll only need to pay my rental amount & energy bills.

Reality-

When renting a property, there are more costs to consider than just the rent and utilities. You’ll also have to pay the council tax. That ranges between £120-£400 per month depending on your Zone, Size, and Borough your house falls in.

Besides that, you must restore any damages or alterations caused to the property to the same condition as when you took the handover of the rental home.

Expectation-

Londoners are known to be a pet-friendly people & Renting with pets will logically be easy.🐶

Reality-

You couldn’t be more wrong.

Finding a place to rent that fits all your needs and allows pets, especially large ones, is highly challenging. Most landlords are reluctant to have animals on their premises.

They may ask for Certificates of Guardianship for assurance. Nevertheless, the final decision as to whether or not to allow the pet lies with the property owner.

In summary, Having realistic expectations while searching for a house in London is essential. Be prepared for the process to take time & not be frazzled by the time constraint, plan for 8 weeks in temporary accommodation. Also, try to be flexible with some preconceived regions only, try looking at other places that are equally good and will not be too heavy on your pocket. Look at commuter towns where you can find better accommodation and value for your money.