How Is The London Housing Market Changing?

London is one of the most difficult places to live due to its high living costs and extortionate housing markets. Recently a property closely resembling a shed in Walthamstow and covering no more than 15 square metres was sold for £70,000. Prices are showing no signs of slowing down either. Upcoming Bank of England macro prudential regulations are expected to limit how much banks can lead for mortgages; resulting in fears that the UK has entered an ‘era of low returns’. With this in mind it can be of no surprise that many landlords are looking to make quick money through skipping corners. However, some corners are better to skip than others.

 A voluntary scheme set up to help London Landlords by offering a badge to those successfully meeting the set criteria was intended to improve property conditions and ensure a standard of quick repairs and maintenance. The scheme combined several different accreditation schemes under one comprehensive framework. By May 2015 14,350 private landlords and 331 letting agents have signed up. However, the results have been met with criticism by some who claim that the majority of these are already members of other similar schemes. Therefore the effect of improving property conditions is not as successful as once thought.

The latest landlord scam of the bogus landlord who conned over £30,000 from tenant applicants has left prospective tenants shocked and concerned. With online sites such as Spareroom.com and Gumtree being hosted online as opposed to between relationships face to face there is an increased risk when discussing financial and residential issues. This means that the London rental sector, known to be quick moving and abrupt as it is, cannot always be entirely open and trustworthy, especially with costs rising so dramatically, as those willing to violate others is increasing.

 For those looking to reduce costs honestly there are still plenty of viable options. The American trend of hiring furniture packages to kit out a room is readily available across the country. Furniture hire in London is a very popular way to furnish properties whether for tenants, expats or simply to help sell a property. This works through renting furniture, either individual pieces, small set to full home’s worth for up to five years. Thus reducing the hassle of transporting furniture, as well as finding a suitable place for it when moving house again.

On the other hand, other people are looking to defy special limits through ingenious furniture arrangements. The Yo! Home is just one of these innovative experiments which transforms one room into several through seamless mechanisms that re-arrange its components. While this is just one example, hundreds of other creatives are looking to this method to make the most out of their small spaces.

While prospective tenants are successfully finding ways to make the most out of their small spaces, this doesn’t take away from the fact that even the space as small as a shed can sell for £70,000. With this in mind, who should be feeling more hard done by, the landlord or the tenant?