#LondonRentals

[maxwellsestates]

London's Property Market Forecast: A Look into 2024

Introduction

London's property market has been a magnet for investors, with prices soaring by approximately 66.91% between 2013 and 2023. The city's status as a global financial hub, coupled with abundant job opportunities and sought-after neighbourhoods, continues to attract both domestic and international buyers.

Key London Property Facts (as of May '23):

Average Property Price: £525,629

Average Rental Yield: 4.1%

Property Growth Prediction (2023-2026): 4%

Rental Growth Prediction (2023-2026): 23%.

London's Rental Market in 2024

The rental market in London is even more promising, with average rents surpassing £2,500 in 2023—a 13.7% YoY increase. Projections suggest rents may reach £2,700 in 2024, marking a 28% increase since 2019.

Supply and Demand Dynamics

Supply and demand continue to shape property and rental prices in London. High demand and swift leasing have led to substantial queues of eager tenants. Increasing Bank of England base rates have also impacted rental prices, as aspiring first-time buyers face affordability challenges.

Securing a tenant in London now takes an average of just 17 days, the fastest turnaround since November 2022. Demand continues to outstrip supply, surpassing 2022 levels by 3% and exceeding June 2019 figures by an impressive 42%.

Investing in London Property

Investors are eyeing London's apartments, with prices up by 1.97% over the past year. With predictions of a 23.5% increase in London property values over the next four years, apartments are set for substantial growth.

Beyond the promising 2024 forecast, London property investment offers advantages like rising employment, sustained demand for rental property, and historical market resilience.

Conclusion

London's property market remains an attractive destination for investors and homebuyers alike. With strong growth predictions for both property and rental markets in 2024, opportunities abound for those looking to invest or secure a property in this vibrant city. However, it's essential to stay informed about the evolving dynamics of supply and demand, as well as economic factors, to make informed decisions in this dynamic market.

Explore property investment opportunities in London with Maxwells Estates and seize the potential in London's property market in 2024.

[londonmacpaul]

#londonrentals #6 & #7 #tenancycosts #e17 #walthamstow to #barking #gascoigneestate (at Walthamstow, United Kingdom) https://www.instagram.com/p/CR3aq6YlvPE/?utm_medium=tumblr

[theuniquepropertycompany-blog]

£400 per week to include some bills. New rental listing on West Hampstead. . . . #letting #rent #rental #listing #london #londonletting #londonrent #londonrental #londonrentals #londonrentalmarket (at West Hampstead)

[fargainluxuryhomes]

www.fargainluxuryrentals.com #londonrentals #londonvacation #luxury #luxuryrealestate #propertymanagement #ecofriendly #investmentproperty #londonfashion https://www.instagram.com/p/B5iIkJpJUOt/?igshid=zu9mubmcnzms

[flats4u]

🏘 Oh those London doors! 😍

#london #londonestateagents #londoproperty #londonflat #lifeinlondon #londonphotography #property #uk #propertymanagement #londonrentals

[jaluxurybuilders]

Cozy and spacious beautifully presented 4 Bedroom House with a private garden located off Friday Hill and within close reach to North Chingford Station is up for sale. The property offers accommodation on two floors with FRONT RECEPTION ROOM, KITCHEN,DINING ROOM, BATHROOM, ON THE FIRST FLOOR FOUR BEDROOMS WITH AN ENSUITE SHOWER ROOM. THE PROPERTY ALSO BENEFITS FROM DOUBLE GLAZED WINDOWS AND GAS CENTRAL HEATING. THE REAR GARDEN IS DECKED. PRICE £550,000.DM for more details #chingfordproperty#ukproperty#forsalelondonproperty#forsale#houseforsaleinuk#houseforsaleonlondon#buytoletlondon#buytoletlondon#essexhouse#eastlondonhouse#ukpropertyforsale#ukrealtorsondonrealestate#londonproperty#forsaleuk#forsalelondonhouse#chingford#london#unitedkingdomproperties#eastlondonproperty#essexproperty#walthamstow#walthamstowproperty#sellmyhouseuk#ukrental#londonrental#savills#primelocation https://www.instagram.com/p/B73uvvQh-sW/?igshid=1c3w9enx0vjoj

[thomasmayfair-blog]

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[relocate2london]

Stunning 2 bed Apartment to Rent - St Johns Woood

Safe, central and secure, in one of the best neighborhoods in London. Check out this beautiful and arrange a viewing day with London Relocation.

[theuniquepropertycompany-blog]

Life in central London just got a whole lot more central. Loft to let in SoHo £850 pw. . . #loft #warehouse #apropertytorent #propertytorent #londonrentals #theatreland #soho #deanstreet #estateagents #realestate #uniqueproperty #uniquepropertycompany (at 56 Dean Street) https://www.instagram.com/p/BnijS0kAF-c/?utm_source=ig_tumblr_share&igshid=1q4135rdmsovt

[fargainluxuryhomes]

Fargain Luxury Interiors by @patricia_arteaga_colina , our properties and our service is unmatched, to see our properties www.fargainluxuryrentals.com. #londonrentals #londonholidays #luxuryrealestate #luxury #properties #luxurypropertieslondon #luxuryproperties #investmentproperty (at Belgravia, London) https://www.instagram.com/p/B5FKeHAJ45p/?igshid=norzb8uzjo9w

[flats4u]

We ♥️ #CoventGarden #london #londonstreets #londonlife #londoncity #londonphotography #londonpics #londonlove #londonproperty #londonrentals

[jaluxurybuilders]

Cozy and spacious beautifully presented 4 Bedroom House with a private garden located off Friday Hill and within close reach to North Chingford Station is up for sale. The property offers accommodation on two floors with FRONT RECEPTION ROOM, KITCHEN,DINING ROOM, BATHROOM, ON THE FIRST FLOOR FOUR BEDROOMS WITH AN ENSUITE SHOWER ROOM. THE PROPERTY ALSO BENEFITS FROM DOUBLE GLAZED WINDOWS AND GAS CENTRAL HEATING. THE REAR GARDEN IS DECKED. PRICE £550,000.DM for more details #chingfordproperty#ukproperty#forsalelondonproperty#forsale#houseforsaleinuk#houseforsaleonlondon#buytoletlondon#buytoletlondon#essexhouse#eastlondonhouse#ukpropertyforsale#ukrealtorsondonrealestate#londonproperty#forsaleuk#forsalelondonhouse#chingford#london#unitedkingdomproperties#eastlondonproperty#essexproperty#walthamstow#walthamstowproperty#sellmyhouseuk#ukrental#londonrental#savills#primelocation https://www.instagram.com/p/B73uvvQh-sW/?igshid=xx2eo37tebes

[theuniquepropertycompany-blog]

An incredible studio going live shortly to rent in SE1. This uber cool, minimal white cube is available for just £450 PW. . . #uniqueproperties #uniquepropertycompany #se1 #elephantandcastle #londonletting #spacetorent #flattolet #rental #londonrentals #londonlife (at Elephant & Castle) https://www.instagram.com/p/BnSuXgOAUUL/?utm_source=ig_tumblr_share&igshid=1o0msa8yzvmyy

[flats4u]

Amazing places only found in London 😍

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[flats4u]

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[relocate2london]

Moving to London FAQs - Your questions answered

If you’re starting to plan your relocation, you’ll have a lot of questions and a lot of research to do before you feel comfortable with the process and your expectations. Even if you’re a regular visitor to the UK, it’s very different when you have to deal with differences in how properties are rented in London, what a standard lease agreement in the UK looks like and what all the different words mean. We’ve put together a collection of some of the most common questions asked by folks moving in to London; looking for simple accurate answers to put their minds at ease.

I see lots of properties listed on some websites…Is there a multiple listing system (MLS) in the UK? Can I see all available properties with one agent?

There is no multiple listing system in the UK. In fact, we’re the only true MLS in London. In order to see all properties that are available on the market, you would need to contact each agent and set up a viewing day. Alternatively, if you decide to go with one realtor or estate agent, you’ll be able to see a range of properties, but ONLY from that agent. Estate agents are not allowed to show you properties from another agency.

Will I have to pay a deposit on a London rental property? Will I get it back at the end of the lease?

A deposit on a property is typically six weeks’ rent and should by law be held in a government deposit protection scheme. Part of our service is to negotiate the lease, deposit and terms on your behalf. Because we have no tie to any estate agent or landlord, we work for the client, so it’s in our best interests to negotiate a reduction in fees for you.

What is the minimum amount of money that I’ll need to pay and what references will I need to secure a flat?

Again, this is something that we do already, before your viewing day. We make sure that you’re fully referenced and have all the paperwork so that when you see a property that you love, you’re in the best position to secure it on that day. Of course, we’re with you through every meeting, negotiation and take care of a the paperwork up front. Usually, you’ll have to pay your six-week deposit and then one month’s rent. References will vary, but we will advise you specifically on which ones you will need.

How is rent calculated in London and how do we pay it?

Rent is calculated by calendar month but advertised weekly. It can be confusing when you first start out on your property search. To work it out, use the following formula: Weekly Rent x 52 / 12 = calendar month amount.

What is council tax?

Council Tax is the system of local taxation used in the UK to fund the services provided by the local government–this includes upkeep of parks, rubbish and waste removal, street cleaning, road maintenance, etc. Students are exempt from paying, and if you live alone, you can get a 25% discount.

How do I set up utilities in my new home?

Utilities can be set up once you have secured your property. We will provide you with a list of suppliers, and then it’s simply a case of setting up accounts, which can be done very easily online. Remember, we are here to help if you need us! All utilities will be “live” when you move in–aside from cable and internet, which you will need to either install or activate. Again, we can help you do this and have it all sorted without any hassle or stress for you or your famil

What is a furnished flat in London?

It is very normal to have furnished flats in the UK. By furnished, this usually means you will have beds, a couch, dining table, chairs, and some storage.

How do leases work? Can I get a month-to-month lease on a London flat?

Your minimum commitment on a long-term lease will be six months. You will normally have a one-year contract with a six-month break clause, but again when it comes time to negotiate we can help you out with your specific requirements.

How come I see amazing places advertised online, but they are never available?

If you’re going it alone when finding a flat in London, we have just one piece of advice: CAVEAT EMPTOR! It means ‘buyer beware’ and if it looks too good to be true online, then it usually is. Managing your expectations up front is an important part of a successful relocation. Some agents and property owners leave a stunning, low priced ‘example’ of the type of property you can get to entice you into using their services.

There is so much that you have to remember and consider when renting a property in London. Even Londoners say it can be a stressful process at the best of time. Take your time, consider all your options and keep an open mind about areas and types of property to really see the best of everything available.