Central London rental market

[GigiBronz]

So my story is: just before the pandemic I've closed my tenancy agreement, had a 2 bed terraced with garden in Highgate for a good deal.
It was nice and everything, also area is fine compared to other parts of London but felt it was too much to commit.
Also the landlord was a bit rogue so that was a bit off-putting as well.

Moved my things into storage and have been airbnb-ing ever since.
Going for 1 month deals in most of the places, in some a stayed more. Got to see some more areas and I think it helped me a bit to see the property market with better eyes.
Maybe it will help me decide where I would like to put roots although with everything that is happening it is not at the top of my list.
Some of them have been smashing deals, for ex 5 bed semi in Brookmans Park for £2k. Walton-on-Thames, small town near Chelmsford and now Acton Town.

While I feel more free, I can always pack my things into the car and just move on and I can get another decent property after 2-3h of search.
I do feel that I need somewhere to settle. Getting a bit tired of it.

As of recently I've stumbled on a studio in Earl's Court. Area seems a bit on the lower side, especially the street. There were a few people on the street that did not seem to belong there.
I am a nosy person so after chatting them up, my assumptions were true: social hosing most likely.

So it seems that with the chineese and foreign cash draining from that areas there are quite a few places on the market.
For the Earl's Court there are 150 studios on zoopla only for a 0.25 mile radius. Which seems to be quite a lot.

The one that I have my eyes on seems decent, I've already put an offer in for 32% less than asking rent, landlord said that he is considering it but is having few more appointments today or tomorrow.
Property has been on the market for months so if it goes through it might be a cracking deal.

What do people think? About the area, central London prices, my odd behaviour etc.

[GhostofTarbera]

Is going to crash and burn hopefully, no more young professionals sharing rooms at £1200 a month as millions of them have moved back home so no more competition


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[GigiBronz]

Is going to crash and burn hopefully, no more young professionals sharing rooms at £1200 a month as millions of them have moved back home so no more competition

Truly hope so. A select group of population get to live lavish lives while the ones they service get small damp rooms with black mold on the walls for 1000 a pop. It is mad.
I do not even know how people put up with this. But I guess desperation makes you put up with a lot of things.

the current place that I am staying, 2 bed maisonette Acton Vale, is very nice but I am not willing to spend what the landlord wants for it(she was playing around wtih 2.4k figure, she is mad) so she has shown me 2 other properties she has in the same house.
There is 1bed flat that is dark(facing the garden but with small windows) more of an extended studio. Has the ceiling inflated by water infiltration from above. Wants 1600 for it bills included.
The bathroom has a 20cm hole that leads to the bedroom, and when I asked her where the steam goes she had the courage to say:
"In the winter the air gets dry so it helps with the moisture in the room" the same bathroom had a toilet in it.
I did not know whether to lough or slap her...

[SueEllen]

In recessions people don't want studio flats. They want larger properties. Lenders also don't like lending on them if they think there is a housing recession brewing.

Also be aware if it's studio in any type of block of any height you may have issues currently buying it with a mortgage and then selling it on for up to a decade due to the cladding debacle. Flat owners told their homes could be unsellable for 10 years over unsafe cladding - LBC

So if you really want a studio flat and are a cash buyer then you may as well wait.

[vetran]

There is 1bed flat that is dark(facing the garden but with small windows) more of an extended studio. Has the ceiling inflated by water infiltration from above. Wants 1600 for it bills included.
The bathroom has a 20cm hole that leads to the bedroom, and when I asked her where the steam goes she had the courage to say:
"In the winter the air gets dry so it helps with the moisture in the room" the same bathroom had a toilet in it.
I did not know whether to lough or slap her...

Don't be ungrateful at least its a roof over your head, NLyUK has her old man down the docks flat out in the sea spray!

[baen]

Studio Flats have low running costs and makes perfect sense to hunker down in one until the recession is over.

[GhostofTarbera]

Central London rental market

Truly hope so. A select group of population get to live lavish lives while the ones they service get small damp rooms with black mold on the walls for 1000 a pop. It is mad.
I do not even know how people put up with this. But I guess desperation makes you put up with a lot of things.

the current place that I am staying, 2 bed maisonette Acton Vale, is very nice but I am not willing to spend what the landlord wants for it(she was playing around wtih 2.4k figure, she is mad) so she has shown me 2 other properties she has in the same house.
There is 1bed flat that is dark(facing the garden but with small windows) more of an extended studio. Has the ceiling inflated by water infiltration from above. Wants 1600 for it bills included.
The bathroom has a 20cm hole that leads to the bedroom, and when I asked her where the steam goes she had the courage to say:
"In the winter the air gets dry so it helps with the moisture in the room" the same bathroom had a toilet in it.
I did not know whether to lough or slap her...

I’m on holiday this week, we went to see a luxury flat in Giffnock near Glasgow 8 times the size of my London flat with massive sunny balcony for £400 a month cheaper than London flat - if never returning to London office then why not indeed

I’m thinking Spain now [emoji4]


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[GigiBronz]

In recessions people don't want studio flats. They want larger properties. Lenders also don't like lending on them if they think there is a housing recession brewing.

Also be aware if it's studio in any type of block of any height you may have issues currently buying it with a mortgage and then selling it on for up to a decade due to the cladding debacle. Flat owners told their homes could be unsellable for 10 years over unsafe cladding - LBC

So if you really want a studio flat and are a cash buyer then you may as well wait.

Not intending to, only interested in renting for now. It should be around £950 pcm for a studio in fair state.
Good amenities and some parks in the area so plenty of activities to keep me busy.
I am not sure I would be ready to buy anytime soon, with brexit negotiations going stale, if they decide to treat EU citizens as second class I might decide to seek greener pastures.

Don't be ungrateful at least its a roof over your head, NLyUK has her old man down the docks flat out in the sea spray!

I am sure there are multiple options in life and if someone chooses a harsh environment it must be for the right reasons.
You can relocate somewhere else anytime and take an easier job. It not like it's forced labour.
I understand hard work but you have to be able to make yourself a life that you are proud of. Having a comfortable home is a big part of it.

[ladymuck]

I live near Earls Court.

Parts are dodgy, parts are nice and therefore priced accordingly. Much like anywhere really.

What specifically do you want to want to know?

[eek]

Studio Flats have low running costs and makes perfect sense to hunker down in one until the recession is over.

You need a buyer when you wish to move though and at times Studio apartments have been impossible to sell.