House hunting in the capital can be a lengthy and frustrating process, so it is no surprise that many people choose to rent property in London.
The UK’s capital is one of the most expensive cities in Europe to buy a home and despite recent problems in the market, values have held up well. This means it remains difficult to get on to the property ladder in London, with the more cautious post-credit crunch lending policies adopted by banks and building societies making it tougher to obtain a mortgage.
For many people, renting is a much more practical choice. It is quicker to arrange, you will not need to worry about a mortgage and you will discover that specialist landlords such as Residential Land have a wide range of properties to choose from in central London.
Another major benefit of renting is the flexibility it will give you. If you are moving to London for the first time or need to switch to a different part of the capital for work reasons, you can do so at relatively short notice – and without being tied down.
Many properties are available on short-term leases of six months or less, giving you the opportunity to see if you like a particular area and whether it is a practical location for your work and social life. If you don’t like the district, the property or even the neighbours, you can start looking for another home at short notice without having to worry about dealing with a mountain of paperwork.
Of course, you will also discover there is a great selection of apartments in London available on long-term rental contracts. If you opt for such a lease you can enjoy the security of knowing you can stay in your home for a prolonged period of time, without having to deal with the costs of buying a property or changes to mortgage interest rates.
Long-term rentals can be particularly useful for people from outside London who expect to work in the capital for an extended period, but who do not want to relocate their family. If your children are settled at school or you just have a family home you love, you may not want to sell up and move to London.
Many people find themselves in this situation, with the greater career opportunities on offer in London tempting them to accept roles away from home. But thousands of professionals elect to live in the capital only from Monday to Thursday, before returning home to spend weekends with the family.
Renting an apartment or small house in London is the ideal way of managing this arrangement, as it will give you a convenient second home to use as a base for work, without having to go to the expense of arranging a second mortgage and buying a property.
One other major benefit of renting that is often overlooked is that if you choose a property from a reputable landlord, the cost includes a level of service. You can be assured you will move into a clean, modern property and that if it is a furnished let, the furniture is of a good standard.
Your landlord will also take care of any day-to-day maintenance issues and repairs that crop up, making the process of living in a rented property as hassle-free as possible.
