Political and economic pressures in Europe are impacting the British economy, including the property market. With higher interest rates on housing loans, many people can no longer afford to buy homes, and one in five households now prefer to rent. An influx of displaced individuals has further intensified housing demand.
The UK’s Office for National Statistics reports that average rents in England rose by 8.4% over the past year, with popular areas like London seeing increases of 9.7%. Whereas before, only two or three people might compete for a rental property, today, it’s not unusual to have around ten interested parties per listing.
While assignees might find securing a rental property more challenging than anticipated, Carly’s advice can greatly simplify the process.
Three tips for securing a rental in the UK
1. Be Flexible
Assignees bound for Britain often research accommodation options in advance and have a preferred location in mind. However, once they encounter the actual costs, they may find their chosen area less affordable than expected.
In such cases, Carly advises against attempting to negotiate rental prices, as the competition often necessitates higher offers or even paying up to six months’ rent upfront. Instead, assignees should identify a few non-negotiables to guide their search. For instance, if proximity to the office is essential, they may need to compromise on size, or if they prioritise a specific school district, they may need to accept greater distance from other amenities.
In this competitive market, compromise is essential.
2. Be Realistic About Daily Needs
Carly also emphasises that daily routines should influence accommodation choices. For assignees working remotely, living in a central location may be less crucial, and they might find more affordable options further out.
However, for those working in the city, remote housing may not yield cost savings when factoring in transportation expenses. While the Underground system in cities like London is relatively economical, daily train commutes can be costly in both time and money.
Assignees who travel frequently and prefer not to pay high rent for a seldom-used apartment might consider house sharing, an option increasingly popular among mid-level professionals who spend limited time at home.
3. Act Quickly, But Have a Backup Plan
Choosing accommodation requires careful consideration, but Carly advises that assignees act promptly when they find a suitable property. Given the level of competition, it’s common to apply for several properties before succeeding.
A proactive approach is crucial; assignees should have alternative options in case their first choice falls through.
Does this seem daunting? It doesn’t have to be. AGS Relocation UK provides a comprehensive home search service as part of its relocation support and consistently finds suitable accommodations for assignees.
7 ways AGS can help your assignees with their home search
- Conducting thorough briefing calls to understand housing and lifestyle needs and manage expectations.
- Carrying out property searches via a network of estate agents. Informed by a solid knowledge of various rental markets.
- Providing a centralised overview of options through AGS’s online platform, IRISE, which records viewings and tracks upcoming viewing appointments.
- Advising on alternative areas or living arrangements if necessary.
- Clarifying lease terms and rental policies.
- Arranging utility setups (gas, electricity, internet, water) at no additional cost.
- Assisting with departure services, including lease termination, inspections, and utility cancellations, for assignees completing their UK assignments.
Need help relocating your employees to the UK?
From initiation to repatriation and everything in between, AGS Relocation UK provides global mobility solutions that balance cost efficiency with a positive assignee experience. Contact AGS Relocation UK for a non-binding discussion about your global mobility needs.