Real Estate Rent in London: Fees Are Record High
Times are tough but it’s still possible to rent a real estate in London without much trouble. People say that knowledge is power. We cannot disagree. In order to prove you that, first, we’ll share with you the latest data on the rental market situation in London and then we’ll give you some useful recommendations.
According to the HomeLet Rental Index, rental fees in the British capital have soared to the highest point since the company started its calculations in 2009. In August the rents increased in London by 2.5% after 3 months of the decrease. Now the average rental makes up £1,609. The previous highest pick was £1,600.
In general, London’s residential rents are considered the highest in the world – more than £2,000 a month for a common two-bedroom flat. In the West End, the average fee goes up to £3,500.
If that’s too much for your budget, consider the East End areas like Bexley with a monthly rental fee of around £1,000. However, keep in mind that it takes more than an hour on a train to get there from downtown.
Here’s the basic minimum you should know in order to rent a real estate in London with the least amount of efforts:
- Besides the rent, prepare that you’ll have to pay the council tax, which depends on the borough you live in, not excluding utility bills; real estate agencies also take money for their services – about several hundred pounds on average.
- House sharing is the answer for many people in such a costly city. If you don’t have anyone in mind who you could share your flat with, there are special parties arranged for those who want to find a like-minded roommate.
- Transport here is not all about the tube. The variety of bus routes is huge as well. Besides, there is also a very smart way of travelling around the city – cycling. In London, it’s quite safe. Moreover, during rush hours it’s even quicker than riding a bus. Also, it saves you money.
- In order not to become a victim of scammers, do not transfer money before seeing a property. Turn to proven agencies instead.
- Good picks are soon gone. Be quick, and phone a landlord rather than email. Also, keep your deposit in your pocket to conclude a deal as soon as you have confirmed that the offer is legit in order not to let it away to a smarter and quicker tenant.
- Talk to the previous tenants if possible in order to find out some useful information for you.
- Test how all the facilities work.
- Don’t forget to sign a written contract with a landlord or an agency to eliminate possible issues to a minimum. If the other side doesn’t want to sign any contracts – that’s a good reason to start considering other options.
- Do the inventory. Take photos of all existing defects of your new flat or house and email them to a landlord to secure you from paying for it in the future.
- Keep all the utility bills.