Good news from the property rental sector! Monthly rents are down in London!
If you’re checking out for best offers for lettings in London, check out the Letting section on the Victor Michael website!
For rent in LIGHTFOOT ROAD, CROUCH END, LONDON. N8 £1,300 PCM 1 BEDROOMS 1 BATHROOMS (FEES APPLY)
Renting will cut your monthly income by a almost a quarter. Taking that into consideration, it is only natural to choose wisely when it comes to places to rent. However, a recent study found that there are some common interests between London renters.
Major concerns and interests for renters:
-> saving money: discounts and offers that help saving money daily.
-> the rising cost of living.
-> saving money on transport costs.
Despite all the eagerness to save money, 74% of renters questioned would pay a higher rent if this means saving money on daily necessities (groceries, household bills, and transport).
For more insights, read the entire article on Property Reporter.
Where do you find yourself? A big spender or a cautious cost planner?
A new research focused on the profile of the first time buyer has some very interesting results to take into consideration by the sellers on the property market.
According to this study, the average first time buyer is aged between 25 – 34. Apparently, some of the buyers postpone the moment of getting their own property because of the money they need to have as deposit (nowadays around £22,689) or the big property price.
The average property price for first time buyers rose from 2000 until today by £136,000 causing a decrease in the number of first time acquisitions by 27%. Considering the changes that took place on the property market as a whole in recent years, we dare to say the fall is not as drastic as it could have been.
However, what should raise more concern is the basis for the entire study: a prediction made by PwC ‘that London will become a city of renters by 2025, with only 40% owning their own home’.