London Calling

London Calling
'London Calling', sang quintessentially-English punk rockers The Clash in 1979. Whether or not Joe Strummer and co foresaw the multitude of changes heading the capital's way back then is anyone's guess, but the Big Smoke has certainly been calling for a new kind of renter as we move into 2018.

The lettings scene in the capital has moved in a very pragmatic direction, with the tenants of 2017 being more about 'Need, Need, Need' than 'Location, Location, Location'. Thinking with your head is the new diving in with your heart, it seems.

London's new renters are enthused by space and the quality of a home rather than which postcode its foundations are in and many actually choose to rent, alongside those forced to as they are priced out of the buying market.

With rental properties generally commanding around £4,000 per month at the top of the market, the fall in prime London rental prices slowed in 2017 as wealthy individuals opted to rent rather than buy while they wait for the possible fall-out of the UK's Brexit negotiations.

But regardless, compared with 2012, London rents have still, on average, dipped 12.3% beneath the lofty numbers of six years ago. Why? Well, that is in part due to the 'wait and see' approach of high-value home owners who continue to let their properties rather than sell during the uncertainty of the EU exit process.

Tenants have taken on a 'best of the bunch' thought process, rather than focusing their minds on postcodes, while family renters have been more content than ever before to opt for this approach instead of putting all their eggs in the school catchment basket. Commuting the kids across London is no longer seen as a deal breaker, thanks in the main to apps like CityMapper.

One-bedroom flats continue to perform well, as you might expect, and with digital London more accessible than ever before, the change in rental thinking looks set to continue well into the new year.

Speak to your local Martin & Co office if you'd like more information on buying, selling or renting in London.