Then vs Now - How Has The London Rental Market Changed?
Posted on November 21, 2019.
Cheap Living in London. Not words you'll usually find strung together.
London isn’t typically known for its 'cheap to occupy' properties, rather its expensive properties and the difficulties young people face getting onto the property ladder. Over the past 20 years, London has seen a huge rise in housing costs, creating a real need for affordable living in the city. It is because of this and increasing upfront costs that the number of owner-occupied properties has been surpassed by those being occupied by private renters. Renters who pay high fees for usually small living spaces.
The problem with renting in London
One of the biggest challenges for city renters nowadays is the limited selection of places available to live in. With renting becoming increasingly popular, both with locals and people from overseas, great accommodations are harder to come by, especially if you are on a budget. The average rent in the capital has risen by 12% since last year and the average person's income can no longer match the rise in housing and living costs. As the housing crisis reaches boiling point, new ways of creating stability for renters and security for landlords are being established. 3-year tenancy agreements are being slowly introduced which is an exciting new development for both parties, however, this new concept is still in early stages of discussion and is yet to be rolled out as a standard. So, what is a solution that city renters on a budget can take advantage of right now?
Property Guardianship - The light at the end of the tunnel
New, innovative concepts like Property Guardianship offer individuals:
- Low-cost accommodation (Usually around 40% cheaper)
- More disposable income and the opportunity to save
- Desirable city locations
All this in exchange for occupying empty buildings in order to prevent squatting and maintain security for property owners. These properties can be former commercial buildings (anything from police stations to pubs) as well as flats or houses.
Finding new ways to fight the living costs in London
Back in 1997, most adults owned a home by the age of 26. This figure has risen to the age of 34 now. Global Guardians is at the forefront of the fight to promote the reality that living in London can be amazing and you need not pay through the nose for that privilege.Are you a working professional, over the age of 21 and paying high renting costs? Instead of just living, why not thrive?