Real Estate Rent in London: Fees Are Record High
Times are tough for tenants wishing to find accommodation for rent in the British capital. Rental prices have soared to the highest point since the company HomeLet Rental Index started its calculations in 2009. In August, the rents increased in London by 2.5% after 3 months of the decrease, the company experts say. 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 simple two-bedroom flat. In the West End, the average fee goes up to £3,500.
If that is 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 is the basic minimum you should know about property rental in London:
- Good picks are gone soon. 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;
- Besides the rent, be prepared that you will have to pay the council tax, which depends on the borough you live in, not excluding utility bills;
- Estate agencies also charge fees for their services, normally, several hundred pounds on average;
- In order not to become a victim of scammers, do not transfer money before seeing a property. Turn to proven agencies instead;
- Talk to the previous tenants, if possible, to find out some useful information about your landlord;
- 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;
- Test how all the facilities work;
- Do the inventory. Take photos of all existing defects of the flat or house you want to rent and email them to the landlord to secure you from paying for it in the future;
- Keep all the utility bills;
Finally, if your budget is low, consider house sharing. It is a wise option for many people in such a costly city. If you don’t have anyone in mind whom you could share your flat with, then visit special parties arranged for those seeking like-minded roommates.