The London property market is fierce, and competition for renting flats is high. With the highest house prices in the UK, finding a perfect house for you and within your budget is a challenge.
In London, flats are very convenient. There is not a lot of space available in the city, especially in central London. Finding a large detached house in central London is rare and also very expensive.
This is why many people in London are opting to rent out flats. A flat in central London will help you save on transport costs and make most activities a simple train ride or walk away.
As you know, London is a massive area. Because of its size, you’ll find you’ll have a lot of different options. There are many different flats for different requirements and price points.
If you’re looking to rent out a flat, you might want to know the difference between private and letting agents. You will come across this terminology throughout the renting process, so read on to find out what a private landlord is and how it may affect you as a tenant.
To help when you start searching for your home, here is some information about the costs involved with renting in London. We’ve also put together a few tips that will make renting a flat a bit easier.
A private landlord is someone who rents their property and manages the renting process themselves. This is any landlord who isn’t using a letting agent or a property management agency.
Private landlords are usually people who have gained a property unexpectedly and therefore are more laid back about renting the property. However, some private landlords are professional landlords with a portfolio of properties. Some professional landlords choose to rent privately, but this is quite rare.
Handling many different properties by yourself is not a simple task at all. So most private landlords you encounter will only have one or two properties to rent out. Therefore, it is challenging to be a private landlord if you have an extensive property portfolio.
As a tenant, you’ll always be contacting your landlord directly. You won’t need to be waiting for long periods for the letting agency to reply to you or put you through to your landlord.
Letting agencies will be managing multiple properties at once, so they will not give you their full attention.
Communication with a private landlord tends to be quicker and more reliable.
Properties being offered by private landlords usually are not visible property portals like Zoopla and Rightmove. These are where most people search for rental properties, but they only offer properties from letting agencies.
To find private properties, you will have to look on sites like Gumtree and social media websites. You can even check your local London newspapers to find properties from private landlords.
Letting agencies cost landlords quite a bit, so they are likely to pass on these costs to you as a tenant by agreeing on higher monthly rent payments.
Private landlords do not have to pay letting agencies high fees and therefore settle for lower rent costs.
House prices in London are crazy compared to other cities in the UK, so renting is becoming the only option to live in London for most.
The average deposit for a house in London is now around £80,000! Most people will not have this figure saved up, so they have to rent in London.
Unfortunately, rent isn’t cheap either!
There are two components to the cost of renting in London The monthly rent payments and the deposit.
The average cost of renting a one-bedroom flat in London is around £1100 per calendar month. This is nearly double the UK average, which is around £600. So renting a flat in London will be significantly more expensive than any other areas you’re thinking about searching in the UK.
You’ll need to get your deposit covered to start the renting process. The deposit for your flat we’ll be 4 to 5 weeks’ worth of rent. So for a flat of £1100 per month, you’ll be looking at £1012 to £1266 for your deposit.
The deposit is only a one-time payment, so you don’t need to prepare for it every month.