Since last year London rental prices have increased by 1.2 per cent. Despite this increase and the many hurdles of Covid-19 people are still eager to move to London.
Currently, the cost of an average house share in London is £902, per calendar month.
This may be a hefty amount, in comparison to other cities in the UK, but it seems that with the newly implemented Government Zero-deposit scheme expenses are lowered.
The scheme enables tenants to purchase a no deposit guarantee for a low upfront cost equivalent to one week’s rent.
With a reduction in upfront costs there is a hope that this will entice more renters, speed up the renting process and reduce void periods.
Although, Zero Deposit does not mean zero responsibility, tenants still remain liable for any damages or rent arrears.
Anastasija Savelijeva, Agent at London Accommodations says that she has recently seen an increase in the number of flat sharers.
Has the zero-deposit scheme contributed to the surge of students and working professionals that have moved to the city post-lockdown?