The national obsession with buying our own home means renting is often seen frowned upon, however as Jo Fernández outlines, renting in Central London has its own benefits
We are culturally a nation of homeowners and buying a home is a long-term ambition for many of us. Renting is often considered to be ‘dead money’ with no return for your monthly input. However, buying a house will involve other expenses, not just the mortgage repayment as you have to pay for repairs and interest rate rises can increase your monthly payments.
Naturally, Covid-19 has had an impact on the rental market as it has everything else. With travel curtailed during the past year, foreign students, workers and tourists have been unable to come to the UK. The ability to work from home has seen renters leave the city in search of more space. As a result, rents have fallen in London and are currently at 80 per cent of their pre-Pandemic level.
When you find a rental to suit your budget, renting can also offer tenants a high degree of flexibility and freedom that offsets the stability of owning your own home. The relative short term of contracts – usually six to 12 months (but can run to three years) – means you get to try an area of the city and see if it’s right for you. You may well go on to buy somewhere when the time is right, but at least you can ‘try before you buy.’
Renting can also mean the ability to rent a home of a calibre that you just couldn’t afford to buy. Due to the cost of London house prices, rent can be lower than mortgage repayments and the deposit you pay is usually much less than the initial costs of buying a home.
If this has inspired you to rent, we’ve rounded up three differently priced apartments in central London.
Stylish and spacious in the heart of Mayfair, Binney Street is a refurbished Victorian building just off Oxford Street. On the first floor, this two-bedroom, two-bathroom apartment offers high standards of interior design with soothing neutral tones and high-end appliances. From the open-plan light-filled kitchen-dining space with Miele integrated appliances and luxurious corner sofa to the generous storage in both bedrooms, every detail is perfect. The master bedroom with an exquisite en-suite leads to a spacious private decked terrace with contemporary glass walls. Both bedrooms feature generous built-in storage. Close to major department stores and stations. Available now, fully furnished including washing machine, £2,050 pw (£8,883 pcm).
This two-bedroom, two-bathroom fourth floor apartment on Charlotte Street epitomises contemporary London living. The high spec refurbishment of a characterful historic townhouse in the heart of Fitzrovia is filled with natural light and designer details from honey-coloured herringbone parquet floors to Philippe Starck for Kartell Masters dining chairs in the integrated, light-filled kitchen. The bedrooms include built-in storage, and both the en-suite and separate bathrooms feature striking marble. All this just a three-minute walk from Goodge Street underground station. Available now, fully furnished, £1,025 pw (£4,442 pcm).
This spacious two-bedroom, two-bathroom duplex apartment on Huntley Street in Bloomsbury is housed in an attractive period property close to Warren Street underground station, UCLH and UCL. Warm wooden floors and a pristine white gloss kitchen create an inviting space while high sash windows allow plenty of natural light. The choice of two entrances, an outside patio and a guest cloakroom create the perfect ingredients for that modern London lifestyle. Available, fully furnished, £575 pw (£2,492 pcm)
For more inspiring properties to rent in Central London, see Hudsons Property