Renting in the prestigious areas of Central London hasn’t been this good for UK-bound assignees in a number of years, according to a recent article by Bloomberg. Prices have dropped dramatically and some renters are spoilt for choice with asking rents, across the prime areas of London, dropping.
Tax changes and all the uncertainity around Brexit have deterred buyers, so many owners have chosen to rent out their properties instead. Because of an increased supply of rental homes, tenants can negotiate their terms.
But where their company is funding the rent, some renters don’t try as hard as they might unless there’s a hard-nosed relocation expert handling the negotiations for the company.
According to data produced by Knight Frank, a residential property consultancy, the rental market hasn’t looked this good since the financial collapse in 2008. At the same time, corporate tenants can (and do) demand higher standards from landlords.
And supply and demand vary a lot, from area to area – and according to the price range. At the lower end of the UK market, there is still scarcity of supply, so it helps to have a local relocation expert making the tenant’s case to the landlord’s agent if you want to secure the home on the best possible terms.
In some highly sought-after, affluent areas, rent reductions have been dramatic. In Marylebone, for instance, rents have fallen by 8%+, and in Chelsea by 7.6% since January. But the best homes are being snapped up quickly, so it’s important that assignees looking for a London rental home should not keep thinking that something better will come up. The market can change swiftly. Today’s renters’ market can become tomorrow’s landlords’ market!
More and more rentals come on to the market daily. The choices can cause overwhelm, unless there’s a local expert to guide the assignee and help them narrow their focus. The strategy should be to find and secure the right rental home, in the right location, on the best possible terms, in the shortest possible time. This means that the employer will save money on expensive temporary housing. And on the revenue side of the equation, the assignee will be able to rapidly get stuck into the important work they’ve been sent to London to do.
The right, VIP-level assistance will also make the move much easier and less stressful on the family.
If you are moving to London from overseas, book a free 30-minute strategy session with one of our local relocation experts by using our contact page.