Stories about soaring rents and the search for a new place to live taking months are all too common in London right now. The city's rental market is in crisis, and renters are facing the consequences.
They would therefore not be able to afford the higher rent, and would be forced to move. But as rent prices have gone up across the city, they would likely have to move further from the center — somewhere with worse transport links and away from their local community. "When we said, 'look, I think it's reasonable that there is going to be inflation, I think it is reasonable that prices do go up. We will negotiate at, say, 15%. Does that sound good to you?' And they said absolutely not. It's a 26% increase or nothing," he told CNBC's Make It.
He is not, however, the only person opting to buy, explained Richard Donnell, executive director of research at real estate company Zoopla.
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