Students race for a place in London

Cypriot university students returning to London, or moving for the first time, are frustrated due to the lack of suitable and reasonably priced housing.

London already has a reputation of having a fierce rental market, but this year, with the return of domestic and international students, working professionals and company relocations, it seems there is a stock shortage in reasonable priced flats in the London area.

To make matters worse, students who can pay more are offering more than the online asking price. Driving rents up by 15%. Average rents for a one bedroom flat in central London can range from GBP 1200 to as high as GBP 2400.

One parent claimed that rental agencies in London wouldn’t even return her calls. And the ones that did, advised her to make a higher offer than the asking price in order to secure the flat. “It’s like an auction, you need to give your best and final offer and wait to see if they’ve accepted.”

Another parent weighed in, “It’s crazy! Estate agents are asking for 1 or 2 years rent paid upfront without being able to first view the flat in person and if we wait too long, we lose it to another renter.”

Enthusiasm has turned into irritation for parents eager to get their children started on the right foot. For most university students in London, the school year begins next week.

And with so little time left, those who have yet to rent a flat will have to make do with whatever they can find.

There is no room for negotiation here. London has become a renter’s market.