Is Letting the way forward?

With the financial crisis affecting lives of all in the UK, one major industry that has been affected is the housing industry. As the months have passed up in course of the current financial crisis, there has been a change in trend in the housing market. More people are seen opting for flats to rent in London instead of purchasing it themselves. An increase by 30 percent in online queries has been recorded in the beginning of 2009 showing that the market of people looking for flats to rent in London is steadily growing.

With soaring mortgage prices and stricter credit checks making it difficult for many to apply for houses, letting is seen as the way forward for the UK economy to come.

There are important factors that one must be aware of when looking for a flat to rent in London. You need to ask your self questions such as what will I be using the flat for? Do you want your flat to be close to work/university? Do you have an area preference and why? Are you willing to relocate? Such questions are just a few of which you should give close consideration to before making any decision.

Flats for rent in London are commonly occupied by job holders or students. Understandably you would be looking for an area in London that falls close to your daily destination. For example if you work in central London, you may look for a flat to rent out near your work area to save on travel costs. However the only problem that you could face here is that most jobs and universities are located in the heart of London in areas such as Euston and Westminster where flat prices are known to be sky high. In such a case you would be better off looking for an area that is in close proximity that requires minimal travel.

Another thing you should consider when looking for a flat to rent in London is the type of flat you are after. You should look for something which you can afford easily as rent will not be the only expense you will be enduring. Travel, food and bills are only a common few that you will also encounter.

Ideally you would be looking for a one bedroom flat either in an end terraced, detached or semi detached house. If you happen to come across a single double bed room, you could choose to share it with a family member or friend, as this could prove to be very cost effective.