The famous quote ‘the reports of my death are greatly exaggerated’ may well have applied to London after the EU referendum but just like Mark Twain, the UK’s capital city is alive and well, despite speculation about its pre-Brexit demise. The news coming from London is pretty positive and should help bolster the international relocation market. Here are Klippa’s capital city highlights:-
London is the top European city
London has been named as the top European city in the latest Schroders Global Cities 30 index – produced to track the most successful cities of the future – only coming second in the world to Los Angeles and actually moving up one place since last year.
Schroders commented on London’s showing: “We remain upbeat about London’s prospects. London has unmatched attractions, from green spaces to a vibrant cultural and entertainment scene. People want to live and work there, and that means London can attract the world’s most skilled employees. London, like a number of other true global cities, remains at the centre of the global economy despite challenges surrounding Brexit.”
London living: within 10 miles of work
It’s clear that a relocation to London is based on lifestyle prospects as much as business, so it’s no surprise that renters want a property that allows them to commute to work with ease but also a position from which to enjoy the capital’s best attractions. Analysis by Dataloft of tenants moving into homes in 2018 has revealed that almost 70% of tenants live within 10 miles of their workplace, with a third living within two miles. In fact, 23% of London tenants live within two miles of their place of work but with a superb public transport network, it is possible to live in Greater London – and even the Home Counties – and still be in the city within an hour of leaving home.
Latest rental values revealed
Estate agent Knight Frank has reported that average rental values in prime central London have increased 1.1% in the year to March 2019, while in prime outer London, average rents were flat following two years of decline. The agent also reported on a supply and demand imbalance, with the number of letting listings in prime central London dropping by 6.3%, counteracted by the number of new prospective tenants per listing rising to 5.6 in March 2019 – the highest figure since January 2018.
When it comes to how much rent is paid by London tenants, the latest HomeLet Rental Index showed the average rent in the capital now stands at £1,613 a month. Rents in London during March 2019 were 2.8% higher when compared to the same month in 2018. The most expensive London borough in which to rent was Westminster (£2,281 a month), while the cheapest was Croydon (£1,043 a month)
If you are relocating clients to London and would like the latest on the rental market, please contact Klippa today. We have agents working in every London Borough and they can supply up-to-the minute availability and rental values.