Those of us who live and work in London will understand the painful struggles of renting in the capital. You live in a box with strange people you found on SpareRoom, you’re always moaning about your landlord, and yet you’re still spending at least 60% of your income on rent.
We have some good news at least… rent prices in London have dropped for the first time in six years! Granted, it has only decreased by about £7 a month, but it’s a drop nonetheless. If you hop onto the Interweb and browse through Zoopla or Rightmove you’ll notice that, in every Borough of London, the number of rental properties in the “most reduced” section is growing.
However, while that might be good news for renters in central London, it’s not so great for landlords and first time buyers. We’re up sh*t creek in terms of political and economic stability, and this means people are wary of selling and are choosing to let instead. It also means that less properties are being built, so competition is high and the chances of taking that first step onto the ladder is perhaps even lower than ever.
Thanks again, Brexiteers. (Yes it’s your fault).
Feature image: Huffington Post