Benefits of Renting over Buying in London

August 3, 2010
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Benefits of Renting over Buying in London

London is a melting pot of cultures and lifestyles making it one of the most diverse places in the UK. Home to many of the world’s leading companies and an endless array of things to do and places to visit, it is little wonder that it appeals to so many as the ideal place to live.

For those looking to move to London the most popular option is to rent a place to live instead of buying. Because of the high property prices it can be easier to find flats to rent in London over houses for sale in London. Due to the nature of the property market in London with a majority of people looking for rentals over purchases, many of the city’s estate agents specialize in leases rather than sales and frequently find their market more profitable than the unstable property sales market.

Renting property in London has many benefits, particularly if you are only planning to stay in the city for a short time. For short term stays there are plenty of properties available for a minimum 3 month rent and if you decide to stay for a longer period it is possible to renew the contract for a further 3 months, 6 months or even 12 months. Another benefit of renting is the maintenance cost. In most rental agreements all maintenance fees and repairs are the responsibility of the landlord meaning the tenants have to do little more than tell their landlord of the maintenance required. In a city like London this can save you a lot of money. One more key benefit for many tenants is the ability to rent a property in an area they would not be able to afford to purchase in. Areas such as Notting Hill and Greenwich can be very expensive places to buy a house or a flat but many find that they can afford to rent a room in a house or a flat at a fraction of the cost.

With so many flats to rent in London potential tenants really are spoiled for choice when it comes to choosing a property whilst those looking at houses for sale in London find they have more restrictions on what they can buy.