The Pros and Cons of Renting in London

The Pros and Cons of Renting in London

 

London is the most populated city throughout the whole of the UK, and there are a plethora of reasons why this is the case.  

The royal family lives in London at Buckingham Palace, there are numerous enticing landmarks such as big ben and the London Eye, and London has one of the fastest-growing economies in the world.  

This led to London becoming one of the top places on most people's lists when discussing their dream renting locations. Although, there are some things that you will need to know, should you be among those people.  

In this article, we will be discussing the pros and cons of renting in London and telling you how to assess if renting in London is the right move for you.  

 

The Perfect Middle Ground  

 

For people who want to experience London without committing to buying a home, renting can be the perfect choice for you. 

This way, you can still experience what it's like to live in one of the most in-demand locations in the world and have access to all the amenities that come along with that.  

Sure, you may have to pay some extremely pricey costs to rent in London, but that will be a small price to pay to live in such a prestigious city like London for a few years.  

Renting can be a perfect halfway point for people who want to live in London and get the whole experience, but aren't planning on living there forever.  

Another noteworthy point to make is that this also gives people an opportunity to live in London who wouldn’t have otherwise been able to afford it.

If this sounds like you, then renting a property in London can be a great experience that is relatively affordable for the majority of people.  

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You Could Potentially Squander Some Opportunities  

 

Taking into account the points we mentioned in the section above, these benefits all come at a cost, and a high cost at that.  

Renting a property in London can be extremely costly, and this can be a setback if at some point you do want to go ahead and buy a house.  

If you were to rent a property outside of London, you could get much better properties for a fraction of the price, so this is something you will need to keep in mind.  

The main audience for renting in London will primarily be younger people who want to move there for the experience, which is more than fine. Although, by opting to rent a property in London you could potentially set yourself back by months or even years compared to if you would have just rented at a less expensive location.  

Because of this, for people who do not have extra capital to spare, renting in London may not be the smartest decision. You will be better off renting in a less expensive area.  

 

Is Renting in London Worth it?

 

Due to all the reasons we stated throughout the article, renting in London may or may not be a good idea for you. 

For those of you who have excess capital and just want to live in London for a few years for the experience, renting can be an amazing choice as it doesn’t restrict you to living in one place for a large portion of your life.  

Of course, that is assuming the fact that you only want to live in London for a certain amount of time. If that isn't the case and you are wanting to live in London permanently, it's much better financially to just save up and buy a house instead of renting.  

To view all the latest Properties that are available to rent as well as buy in London, feel free to take a look at our website. We have the most up to date listings and we can supply you with all the right knowledge to make the best decision for you.   



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Fees

Refundable Holding deposit

Capped at 1 weeks rent

Security Deposit

Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000

Rent

The agreed monthly rent

Changes to tenancy

Capped at £50 inc VAT

Early termination charge

Not exceeding the landlord’s financial losses

Late payment of rent

Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue

Replacement keys

Reasonable costs or give the tenant the option to purchase themselves

Utilities, council tax, communication services, TV Licence etc

Tenants own responsibility unless otherwise stated in contract

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