Why Now is the Best Time to Let in London
In life we often find reasons not to pursue the things
that we desire. Whether a change of career, getting back into the gym or moving
house, the responsibilities of everyday life always seem to get in the way of
our decision making. However, if 2020 and Covid-19 have taught us anything, it
is to seize the moment and not to let opportunities pass us by.
One of the greatest gifts of this pandemic is
the time that we’ve been given, to sit and reflect on work, home and our lifestyles
in general. You may be sat there feeling a little claustrophobic and craving a
change of scenery, as for many, lockdown has been a very challenging period in
which staying indoors for most of the day has been a very testing time. The
idea of moving house during such crisis may not seem even worth entertaining. I
am here to tell you otherwise! Those who do will reap the benefits of the
temporary dip in property prices and greater rent-free periods and (See Figure
1 below – Lonres 2020 lettings figures).
This
graph illustrates the after effects of Covid-19 on property prices. Since the
second quarter of 2020 prices have continued to decrease in the Prime London
Fringe area by as much as 7.7%, compared with the first quarter. This
provisional decrease may not be here to stay and what will happen next is
somewhat unpredictable. This is why now is the time to let and get the best
value is for your money.
Saving money is at the forefront of most people’s priorities
and is now more important than ever. With such uncertainty around employment
and many losing their jobs due to redundancy, seeking cheaper alternatives to
the things we usually invest in is key. This is what makes this unprecedented
change in the real estate market so appealing. The lack of new-renters
migrating to the capital due to decreased job security and the general fear created
by the Covid-19 virus seem likely to continue depressing prices, providing
further opportunities for bold renters willing to move.
The main stigma regarding renting in London, has always been
value for money, as property doesn’t always reflect the price you pay. Therefore
I’m encouraging everyone to grab the bull by its horns and use this temporary
downturn to their advantage. The pandemic does not have to act as a pause
button on life, in fact, it should be seen as an opportunity.
