London property has always been in high demand. As one of Europe’s most bustling metropolises for many centuries, overpopulation has long been an issue for the UK’s capital city. Acknowledging this problem is not just a recent discovery either: as far back as 1887, the New York Times observed that in London “persons are huddled together in a locality where there is not […] room for half that number”.
Even in the UK’s current housing market, where average house prices across most of the country are a shadow of what they were back in 2006 before the first signs of the (now global) financial crisis became apparent, London property prices continue to rise. The same New York Times article notes that urban populations in Britain at the time were becoming “swelled by the crowds who pour in […] from every part of the world”: though in other parts of the UK this may no longer be the case, in London, where a large proportion of the nation’s jobs and wealth creation is focused, population growth continues unchecked, driven by incoming hoards not just from foreign shores but from other parts of the UK too.
With so many economic migrants arriving, flats to rent in London are in serious demand, driving up rental prices as the supply fails to meet the amount of accommodation required. This has a direct influence on the cost of buying, with properties in the capital representing profitable investments for landlords.
Though these rises may stall if the European economy is not rescued, on the whole, the basic rule of high demand and short supply applies to flats to rent in London. This means price reductions will not happen any time soon for those looking to rent or buy, and whatever shape the housing market takes in the rest of the country, London will continue to boom.
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