Rental shortage now hitting every part of England. Student accommodation is fully booked.
Students, looking for accommodation in London may face lots of troubles in finding a place where to live.
Property agencies have reported that London is left with no available flats and houses to let. The Rental shortage is now hitting almost every part of the country.
Demand has been partially caused by landlords having sold rental properties during the pandemic or by putting their properties back on the market for short-let contracts rather than long-term tenancy agreements, explain real estate specialists.
At the same time, people that left the capital during the pandemic are now coming back, longing to be closer to their offices and the entertainment that London offers.
There is a 55% increase in the number of tenants looking for a new home, compared to Aug-Sep 2020.
With demand for property supply, rents are now starting to increase. Showing the biggest jump in rental prices since August last year are boroughs such Kensington & Chelsea, Fulham & Hammersmith, Westminster, Camden, Richmond Upon Thames and Wandsworth. These areas are particularly popular with corporate tenants and international students who are now returning to London.
There is no availability for student accommodation.
Only the most expensive rooms have left and students need to be prepared to pay for an en-suite room at least £1,400 per month.
At the same time offers for 2 and 3 bedroom flats are very limited, starting from £2,500 per month.
Tenants are advised to compromise and be more decisive in order to secure a property within their budget.
It is expected the market to get back to normal at the end of the year.