Maru and I are looking for a new apartment. We love our current flat—we’ve been here almost 4 years, which is a long time by my standards—but given the work-from-home forecast extending into 2021, we’re on the hunt for a slightly bigger place to accommodate for more time spent at home.
Additionally, when we realised asking rental prices in London have fallen 8-18% since the pandemic started, it gave us yet another reason to move.
House hunting during COVID isn’t easy, though. There are fewer viewing slots—this is to prevent having too many could-be tenants visiting a property at the same time. It’s a hazard to travel to and from flats if you need to use public transport. And letting agencies are strict about masks and social distancing rules.
Even without COVID, the best London flats are only on the market for a few days before getting snapped up, so there’s time pressure, too.
After viewing dozens of flats online, and visiting four, we found one we liked, and we put an offer 1 hour after viewing the flat.
Once you know—when it’s clear the opportunity is better, when it moves the needle, when it passes the test—move fast.
It applies to flat hunting in a big city, and many other life decisions.
P.S. Interestingly, rentals in London have fallen due to the tanking AirBnb market. The decline in tourists to the capital have forced many property owners—who lease out their flats via AirBnb—to turn to long term leases. The increased supply of properties into the long term lease market has driven down prices across the city.