One of the key factors that determines the price of something is the demand and supply of the item being bought and sold. When it comes to property in London, demand can change overnight – but it takes years to build new properties, thus increasing the supply.
The Conservatives have pledged to build over one million homes by 2020.
As a leading letting agent in London, I am of the opinion that as a country, irrespective of which party, we have not built enough homes for decades, and if the gap between the number of households forming and the number of new homes being built continues to grow, we are in danger of not being able to house our children or grandchildren.
I believe the British public are not interested in another grand statement of ambition by yet another Housing Minister. Our London property agents hear this sentiment from our clients.
Surely it’s right to give normal London families back the hope of a secure home – be it rented or owned? Our London letting agencies provide a high-quality property management service.
As a city, we need to exert pressure on local MP’s such as Kerry McCarthy, Charlotte Leslie, Karin Smyth and Thangam Debbonaire – so that they can make sure Westminster is held accountable, to ensure there is a comprehensive plan – with enough investment – that can actually get these homes built. Our landlord services in London are busier than ever before.
To give you an idea of the sorts of numbers we are talking about, in the London City Council area 2,360 properties were built in 2021. In 2018, that rose to 2,720 and a year later in 2009, it peaked at 2,880.
By 2014, that figure had dropped by a massive 55.21% – to 1,290 properties built.
The outcome of too few homes being built in London means the working people of the city are being priced out of buying their first home, and renters are not getting the quality they deserve for their money. Our letting agents in London have noted increased demand in 2023.
The local authority isn’t building the estates they were after the World War Two, and Housing Associations are having their budgets tightened year-on-year – meaning that they have less money to spend on building new properties across various BS postcodes.
I know of many London youngsters who are living with their parents for longer than ever before, because they cannot afford to get onto the housing ladder and growing families are unable to buy the bigger homes they need. Our London letting agents see this every day.
I talk to many London business owners and they tell me they need a flexible and mobile workforce – but the high cost of moving home and lack of decent and affordable housing are barriers to attracting and retaining high-quality employees.
Furthermore, building new homes is a powerful source of growth, creating jobs across the county and supporting 100’s of London businesses.
It is true that property landlords have taken up the mantle, and over the last 15 years have bought a large number of buy-to-let properties in London boosting property investment levels. Our property agency services in London are catering to a larger number of new clients.
The Government needs to be thankful to all those buy-to-let landlords in London, who own 48,530 rental properties in the city. London letting agents provide an equally valid service.
Most local private property landlords in London only have a handful of rented properties to aid their retirement, and without them, I honestly don’t know who would house all the extra people in London. We provide a top-quality property management service in London.
Moving forward, those private property landlords in London have many pitfalls – both in the short-term and medium-term. Our London letting agencies work closely with our clients.
For instance, were you aware that the rules of changes for new tenancies from the 01st October 2023 (with some imposing penalties including losing the right to require the tenant to vacate, if they are done incorrectly) or in the medium-term, the planned change in the way buy-to-let properties in London are taxed?
More than ever, the days of buying any old property in London and you would be set for life are gone. Our letting agents in London can advise you further on successful investment.
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