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London rents falling


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Working in property in London these are my observations:

- Expensive flats that are on noisy main roads are difficult to let, not suprising seeing the people that can afford to rent them would be working from home. An example is a two bed, two bath flat that has been on the market since September, the rent has dropped by £600pcm to £2000.

-Very small flats are difficult to find tenants for. Not surprising!

-Hardly anyone seems to be trying to buy in east London, although a good number of renters are wanting to move (but my work doesn't give me the whole picture so I could be wrong)

-Flats that were previously achieving high rents based on location and attractive interiors have had to reduce their rent a lot. Location is much less of a drawing card when everything around is closed and there is no life in the streets! But I think the reducton is a good thing because they were overpriced before.

 

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  • 2 weeks later...

Thanks for sharing your observations. Was wondering if you're aware whether it's easier/faster to let out a flat in London if you open to up to DSS tenant applicants? I've let a unit out on OpenRent in London at the start of the pandemic and had 3-5 enquiries a day but most of them were DSS applications, was wondering if this is still the case now.

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