Thursday, August 2, 2007

The tenants come knockin'

The rental market in London is booming. One stark difference in the rental industry here compared to back home is that each area has its own agents. It's like agents in Ang Mo Kio will only deal with rental properties in Ang Mo Kio and will have no access to those in say... Yio Chu Kang. You get the picture.

Thus a prospective tenant, especially in the booming rental market, will have to practically beg the agents of the area that he/she is interested in for a viewing. Things can get quite unpleasant if the budget is low, spoken from experience. :-)

A one room flat in Central London goes at around 1200-1400 pounds. That works out to be around 3600-4200 Singapore dollars. The same unit will cost around 300,000 to 350,000 pounds to buy. You do the math. It's crazy. Thus alot of Londonders live in the outskirts or Greater London. Commutation to the city via tube, trains or buses become part and parcel of their lives.

But there's light at the end of the tunnel, there are signs that the property market is cooling. Last month's growth is not as spectacular as the previous month's, but then again, it's still growth nevertheless. Looking at how things are going back home, I think Singapore is going down the same path as London...

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