Renting is increasingly becoming a lifestyle choice and more tenants are enjoying the freedom letting gives them. Primrose Hill estate agents Sandfords explain why today's tenant is content.
Much of the press surrounding 'generation rent' has been negative but far from bemoaning their residential status, many tenants are actively choosing to rent over home ownership. Primrose Hill estate agents Sandfords have a continuous stream of home movers wishing to rent a property in NW1, eager to enjoy the perks of living the 'to let' life.
Advantages of becoming a tenant
While it is still the Government's ideology that homeownership is the pinnacle of success, the masses are more in tune with the European notion that renting is an equally as valid option as buying. Andrew Ellinas, Managing Director at Primrose Hill estate agents Sandfords, says renting brings with it a feeling of freedom: "The current generation of would-be homeowners - those in their 20s and 30s - have witnessed volatility in the financial and housing markets. With this in mind, not everyone has a mortgage in their long-term financial plans. With renting there's no mortgage offer, stamp duty or negative equity to worry about - it's a relatively straightforward process."
While buying a property in Primrose Hill is still an excellent investment, many home movers are seeing the advantages of renting. One of the redeeming factors is flexibility: most tenancies run for six to 12 months, giving the tenant options whether to renegotiate the tenancy or vacate. This basis works well for those living in Primrose Hill for the first time - maybe testing the area ahead of buying- or for those brought to the area by short-term work contracts.
Ellinas does add, however, that tenancy length is changing due to a more relaxed stance from mortgage lenders: "Buy-to-let mortgages used to be granted only in line with one-year tenancies but some lenders are loosening this stipulation, paving the way for longer-term tenancies of two and three years. These extended rental periods are appealing to families who many have children settled in schools, or for tenants who prefer certainty."
Less maintenance & responsibility
There's also the upkeep factor when choosing renting over home ownership. As a tenant there are fewer maintenance issues. The landlord will be duty-bound to ensure the property is safe and habitable through a programme of inspections, planned maintenance and emergency repair cover. It is fair to say a tenant does have less responsibility than a homeowner, which is attractive for many.
Who chooses property to rent in Primrose Hill?
Property to rent in Primrose Hill has a wide and varied audience, with every tenant having a slightly different set of reasons behind renting. Ellinas says even high-end property markets encompass a lettings aspect: "Not every renter is a failed first-time buyer who has been priced out of the property market. Many houses to rent in Primrose Hill are occupied by wealthy families or successful individuals. They may simply prefer to rent because it's relatively hassle free or sometimes they are given a housing allowance by their company, which is to be spent on rental payments. If people move frequently for their work, renting is a sensible option as it doesn't incur the costs associated with buying and selling."
Of course, many young professionals with their hearts set on NW1 find flats to rent in Primrose Hill the perfect way of testing the area or accommodating a busy lifestyle. Hectic schedules often call for a low-maintenance property, maybe with just a balcony for outside space, so conversions flats and new-build apartments are quick to leave the books of Primrose Hill estate agents.
For further details on these properties to rent in Primrose Hill or any information and advice on selling your house or flat in Central London, don't hesitate to contact Sandfords. Sandfords estate agents have a deep knowledge of the local area and an extensive experience in accommodating the needs of home buyers and homeowners in the prime Central London area.
Sandfords are Central and North West London Estate Agents, specialising for over 25 years in residential property sales, lettings and property management in the area between Oxford Street and Primrose Hill, most notably in Regents Park, St. John's Wood, Hyde Park, Dorset Square, Marylebone, Primrose Hill, Belsize Park, Hampstead, Swiss Cottage and Camden Town.