UK Rental Boom Hits High Note in St Johns Wood
It is no secret that the UK rental market is currently in the throes of an unprecedented boom. This boom is hitting every nook and cranny of the UK, but in places like St John's Wood, which have always been highly sought after, the effects are greatly pronounced.
The UK rental market and particularly that of London has always been strong, but the financial crisis has caused a perfect storm of converging circumstances, all fuelling a massive surge in demand for rental properties.
Firstly we have the crippled banks restrictive lending practices, which have prevented many would-be first time buyers from getting on the property ladder. They have of course been joined on the rental market by the thousands of households that lost their homes to repossession, who will be unable to get a mortgage for some years to come.
Those two effects began to add to rental demand almost immediately after the financial crisis washed our shores. At the same time, the financial crisis crippled construction in the UK. At first we had the supply that was already being built coming online, but as construction has stayed low, rental supply has got weaker and weaker.
And finally, house prices never corrected by anywhere near what was thought necessary, so we were still left with a huge problem of first time buyers being priced out of the market altogether, a problem which has since got worse where prices have risen.
All these people joined the existing rental pool, those on benefits, those who move for work and find renting more convenient, or those who simply prefer the freedom that renting gives them. This created a surge in demand for rental properties. Rental demand has surged across the UK, in fact the LSL rental index (arguably the biggest index of rental data) rents rose in all UK regions for the first time in ever recorded in September 2011, but as with many things property, London is hitting the high notes.
Nowhere is this more true than in the highly sought after borough of St John's Wood. St John's Wood has always been a highly sought after location for renting, not least because of its proximity to the American School in London and the Regents College. However, in recent times prices in the area have soared and this has also increased the number of people looking to rent, as they are unable to buy.
Whatever the cause we are inundated by prospective tenants, so it couldn't be a better time to let property in St John's Wood through Greenstone.
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