Study of Issues with Private Renovation and Property Sales in London

This report investigates the issues associated with private renovation and the sale of housing properties in London, focusing on the impact of Brexit and the increasing trend of let properties. The research employs a qualitative methodology, utilizing secondary data and thematic analysis to identify key factors influencing the London housing market. The study reveals that Brexit-related uncertainties and price fluctuations are significantly affecting property trends, making renovation and sales complex. The analysis also examines the shift towards let properties and the impact of new taxation policies. The report highlights the variations in house prices across different London boroughs and recommends further studies to understand market dynamics and trends. The research aims to assist real estate professionals and individuals in navigating the current economic uncertainties and understanding the trends in the London housing market.

Issues with private renovation
and sales of property in
London

ABSTRACT
Purpose
The research aims to identify the various issues associated with the private renovation
and selling of housing properties in London.
Research methodology
The research is qualitative and interpretivism philosophy is used in the study. For data
collection secondary methods are used and a thematic analysis is carried out to determine the
findings. The study uses descriptive design and an inductive approach is followed to execute the
study.
Findings
It has been evaluated from the study that price and current uncertainty in London due to
Brexit are playing great role in influencing house property market.
Limitations
In the study secondary data collection methods are used thus the data obtained is limited
and largely based upon the market analysis and critiques instead of the actual perspective of
buyers and sellers in London.
Recommendations
It is recommended that Brexit and several other factors are making renovation and
property selling in London quite a complex function. Thus, it is recommended that this type of
study must be carried out so that it can help people to understand the trends.
Value:
Within current uncertainties in the UK economy the study will help people and real estate
professionals to understand the present trends and purchasing behaviour in house property
selling.
Keywords:
London house market, Brexit and property trends in London, private renovation in
London houses.

ACKNOWLEDGEMENT
I would like to express my deep gratitude to my professors and mentors who provided me
a great opportunity to accomplish this study. Without their support and guidance it would not
have been possible to become a part of such valuable and interesting research area. I would also
like to thank my family and friends who were always there with me to provide me emotional
support and time. During the entire research they encouraged and motivated me so that I could
complete the project on time and with dedication.

TABLE OF CONTENTS
ABSTRACT.....................................................................................................................................2
ACKNOWLEDGEMENT ..............................................................................................................3
CHAPTER 1: INTRODUCTION ...................................................................................................1
1.1 Overview .........................................................................................................................1
1.2 Aim ..................................................................................................................................2
1.3 Research objective ...........................................................................................................2
1.4 Research Questions .........................................................................................................2
1.5 Rationale ..........................................................................................................................2
1.6 Significance......................................................................................................................3
1.7 Scope of the research .......................................................................................................3
CHAPTER 2: LITERATURE REVIEW ........................................................................................4
Issues in private renovation and sale of property in London .................................................4
Reasons affecting the renovation and sale of private property in London ............................5
Current trend in housing sector impacting the increasing tendency of let property in London .7
CHAPTER 3: RESEARCH METHODOLOGY ..........................................................................12
3.1 Research approach .........................................................................................................12
3.2 Research design .............................................................................................................12
3.3 Research type .................................................................................................................13
3.4 Research philosophy ......................................................................................................14
3.5 Data collection ...............................................................................................................16
3.6 Data analysis ..................................................................................................................17
3.8 Ethical consideration .....................................................................................................18
CHAPTER 4: DATA ANALYSIS AND DISCUSSION .............................................................19
REFERENCES .............................................................................................................................20

ILLUSTRATION INDEX
Illustration 1: Number of houses sold by real estate brokers in London in three months...............9
Illustration 2: Growth pattern in house prices in London................................................................9
Illustration 3: Growth pattern in rent of let properties...................................................................10
Illustration 4: Increasing trend of renovation in UK......................................................................20
Illustration 5: Average rental price in London...............................................................................25
Illustration 6: Average property price in London .........................................................................25
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Title:
Issues with private renovation and sale of the property in context of increase in let
properties: A Study on London housing market”
CHAPTER 1: INTRODUCTION
1.1 Overview
The housing property market has been facing tough challenges post Brexit. There has
been uncertainties over the economic stability of UK. The stagnant properties in London are
facing price falls because the potential buyers are frustrated and unsure regarding the property
trends and thus are preventing the real estate deals (Laska and Spain, 2016). The dramatic
changes in the buying behaviour of property buyers has even made it hard for people to think
about renovations. People are considering the rental properties as the safest approach in the
current scenario.
After Brexit people are also expecting that the new taxation and regulations related to
property dealings will also change significantly. Thus, with the buyer’s current situation it is not
ideal for buying or selling housing properties. Instead, there has been a great increase in the let
properties. On one side when there are uncertainties for the housing prices, according to statistics
presented by Housing in London report, (2018) there has been a decrease in both house prices
and rental prices in London in the past year. However, the growth rate of private rents is lower in
London as compared to other regions of UK. This is also one of the reasons that people prefer let
properties.
There are people who are interested in buying new housing property but it has been
observed that the new taxation policies and fear of getting lower prices is preventing the final
purchasing decisions. Most of the potential consumers are demanding that real estate agents must
give them good deals because due to Brexit there are less purchasing intentions and thus they
deserve better prices. However, on the other hand the sellers are assuming that the stability after
few months will give them good opportunity to enhance their profits (Preece, 2016). Though as
per current trends there is reduction in private renovation and selling but this will be overcome
soon.
In different boroughs of London there has been great variation in the house prices. People
are assuming that it may not be beneficial for them to renovate their private properties because
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with change legislations these properties are not generating huge amount of profits. Instead,
currently it is strongly believed by the investors that for some time it will be safe to keep their
money in savings rather to spend it in uncertainty of house market of London (Gudgin and et.al.,
2018).
1.2 Aim
“To investigate the issues with private renovation and sale of the property in context of
increase in let properties: A Study on London housing market”
1.3 Research objective
 To identify the issues in private renovation and sale of the property in London housing
market.
 To determine the reasons effecting the sale and renovation of property in London.
 To analyse the current trends impacting increase in number of let properties in London.
 To recommended solution to mitigate the effect and decrease the trend of let properties in
London.
1.4 Research Questions
 What are the issues in private renovation and sale of the property in London housing
market?
 What are the reasons affecting the sale and renovation of property in London?
 Analyse what are the current trends which impact the increase in number of let properties
in London?
 Provide recommendation to mitigate the effect and decrease the trend of let properties in
London.
1.5 Rationale
Brexit has not only influenced the UK economy but it has also affected the trade and
business across different countries of the world. The London housing property market is not only
the attractive choice for the UK citizens but is also the matter of interest for the foreign investors.
There has been constant issues of affordable housing (Poppy, Baverstock and Baverstock-Poppy,
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2019). Due to high prices people are not able to afford to buy houses while the tremendous
increase in let properties has also caused overcrowding in rental houses.
Thus, the study is essential to understand the various factors which are creating these
differences in renovation and property selling trends in London. Being the capital city the
housing properties and affordability greatly affects the national economy as well as the overall
living standard of UK citizens. Another reason to choose this research topic is that since the
impact of Brexit on the economy and UK have not been identified clearly (Poppy, Baverstock
and Baverstock-Poppy, 2019). The study will help to analyse the changes in the legal system of
housing properties as well as the purchasing attitude towards the housing properties. There has
been a significant gap between supply and demand of let properties as well as the selling
properties in London (Lea, 2017a). The study will help to evaluate this gap so that influencing
factors can be analysed.
1.6 Significance
The study is very beneficial for the people and real estate dealers who desire to
understand the various factors which are changing the house purchasing trends in London. Prior
to Brexit London was considered as the tempting place for the investment in housing properties
because the investors were assured to get high return amount on their investment. However, the
exit of United Kingdom from European Union has created havoc in terms of predicting the
economic trends in London and other parts of UK (Lea, 2017b). The research will help people as
well so that they can estimate the actual trends of housing property. With the analysis of this
study people may have clear concepts of which decision will lead to more benefits to them,
rental properties or newly constructed properties.
1.7 Scope of the research
The study can be used by the authorities to understand the supply and demand gap in
house affordability in London. There is need to explore these housing trends so that the life
standard of people can be improved. It will also assure that affordable living facilities are
available to every citizen. Further, research can be conducted to evaluate the impact of
increasing let properties in London and how it is influencing the local citizens as well as foreign
investors. This research study can also be considered as the ground for predicting the upcoming
challenges in property renovation and rental properties.
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CHAPTER 2: LITERATURE REVIEW
Issues in private renovation and sale of property in London
As per the view of Wadsworth et.al., (2016), uncertainties appear in the housing property
market of London. In many borough councils of London a shortage of affordable homes is a very
critical issue. The people are forced to live in small spaces and thus the problem of overcrowding
is becoming quite common in London. Instead of deciding to buy new homes people are
considering that renovating them is more affordable and easy option for them. Since the number
of households is increasing it is more feasible to renovate the existing house property than to buy
the new one because with renovation they can afford the higher number of people to stay and
more rent can be earned from the let properties.
Irrespective of the future scenario post Brexit there is higher demand in some regions of
London. The Brexit impact and new tax policies are forcing people to improve their houses
instead of moving to new places or houses. Several buyers who desire to shift to new houses in
response to the growth of their families have to face more financial burden because the
relaxations are provided to only first-time buyers. According to London house prices: foreign
buyers tempted back by weak pound, 2019 prices of properties are falling continuously and there
will be estimated 41% decline in purchasing of house in first few months of year 2019. The
paper has focused on retail trends in entire UK. The article is published by newsletter and thus
for making it precise and trustworthy it has used reviews of leading economist, BBC reports and
real estate agents. Since the capital city London is facing the most ups and downs in its property
market the article could have been made more influential by introducing private property trends
in London.
The house supply is declining and people are not able to have a wide range of choices for
the houses. This situation may continue until clarity is received on the Brexit issue. Though
Brexit and regulation changes are affecting all parts of UK London has most integration with the
foreign and European economies the house prices therefore are highly influenced by London
compared to other regions. As per the views of Amaro, (2018) with the continuous fall in house
prices from 2017, it has been feared that the house capital market may not crash. The
uncertainties among potential buyers has been dominating over the lower borrowing rates and
strong job market in the city. The article reviewed by Amaro (2018) has highlighted all aspects
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of London housing. For instance in the beginning the introduction to factors influencing market
stream are discussed. The article can be considered as important and effective because it analyses
the perspective of real estate agencies which are closely related to the matter. Along with the
analysis of problem article has also evaluated the effectiveness of renting solution. It makes the
literature review more impactful.
As a result, there has been huge shift of landlords from buy to let opportunity. According
to Hunt and Wheeler, (2017), at the same time when prices are declining homeowners are
utilising this as a great time to negotiate harder. Though prices are falling but first-time buyers
are still not able to afford even the cheapest houses in locality of London. In the UK property
market London can be assumed as the weakest point because most of the people are not capable
of buying affordable housing. The cooling house price seems to be attractive for the first time
buyers however with low average income and increased stamp duties it still may be impossible
for the people to move to new houses.
According to Badarinza and Ramadorai, (2018), the most influencing issue in the current
property market of London is that both buyers and sellers are adopting to wait until the final
Brexit decision is made in the next few months. Nevertheless, contrary to this Gallent and
Tewdwr-Jones, (2018) argued that though Brexit issue has made local market of London more
cautioned but it cannot be claimed that the annual growth in housing property has completely
stopped. Many house vendors are making attempts to sell their properties immediately so that
they can avoid the predicted difficulties due to separation of UK. In the same context purchasers
are having strong faith that more stock is available and waiting for some time can help them to
crack a good deal from the secured property.
Reasons affecting the renovation and sale of private property in London
There is some evidence which highlight the present state of property prices in London.
These reasons are not only affecting the purchasing prices but renovation trends are also
changing in the state. According to Callanan and Sidders, 2018 the high taxation rates after
Brexit can reduce the house values by approximately 30 percent. This estimation is predicted by
Bank of England and thus people are considering it very seriously. This literature review has
been supported by statistics and graphs so that it can be easy for the people to understand the
actual condition of London housing market. However, from the beginning the article seems to
6

make conclusive statement that housing market is worse in London. With the emphasis on
London market the article provides critical analysis of the factors which are demonstrating the
cracks in London private properties.
Other reasons affecting sales of private property is that potential buyers are trying to
avoid the purchasing of new apartments. There are several brokers who are even ready to sell
their properties at lower prices. This trend has been also understood by the lent property owners
and thus they are also renovating their houses so that profits can be earned. Most of the people
are delaying their decision to buy a property and for the current instant they are just finding an
option of let property.
As per the view of Dhingra and et.al., (2016), most of the ready to sell houses are not
picked up as the brokers are not considering London as safe market for the house properties. As a
result, many real estate providers are shutting down their projects from London and are shifting
to other European countries. This is also one of the reasons that people are searching for the let
properties so that their investment is not held by any of the constructors or real estate builders.
The stamp duty issues and higher deposits for the first buyers of property is also one of the
causes which make it challenging for people to prefer house purchasing.
Ho and Atkinson, (2018), stated that people are assuming that with excessive taxes and
stamp duties it will be costly to maintain or renovate a house after few months or years. Thus, it
will be a safe option for them to search for let properties so that they will not require much
investment and complicated processing. London has also been a hub for the overseas buyers,
however the additional taxes are imposed for such overseas buyers. As a result of this most of the
potential overseas customers of Wales and England are not showing much interest in buying
houses.
In the same context Lavery, McDaniel and Schmid, (2018), argued that along with high
tax prices they believe that even if they pay high taxes there is no surety that they will get the
equivalent return. Thus, it will be safe to hold for few months. However, the brokers are making
attempts to pay the stamp duty bills of their customers so that these buyers from the globe can
make purchasing a decision. Though Brexit can be considered to have the most dominating
impact on house trends in London, there are several other factors as well. Along with Brexit the
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stretched affordability, job uncertainties, successive elections have also caused significant
changes in house prices in London.
As per the view of Matikainen, (2017), the credit availability is also preventing let
property owners to renovate their house and to buy new properties. The buyers who are intended
to purchase house for the first time are not getting enough support in terms of finance and
development. The housing project are also not meeting the demands as per the requirement of
customers. Due to these key reasons despite of the least growth rate in house prices in 2018 there
is less concern of people in buying new houses.
The young people are also migrating from London because they are not finding any
options for affordable housing. The let properties are in great demand and thus there is great
shortage of such houses. Even if they are available, to make large profits property owners are
giving them to multiple tenants which is leading to overcrowding. Due to this reason many
people are searching for better and affordable living in other parts of UK.
According to London house prices: foreign buyers tempted back by weak pound, 2019 it
has been observed from the records of National statistics that in 2017 around 330,000 people
move out of London city. The desire to have more housing space along with employment
opportunities is encouraging people to look for alternative options other than capital city London.
It has been observed that now as buyers are having less interest in purchasing expensive houses
the supply of such houses has increased and buyers are having control over the house market.
Boddy, (2018), stated that the main problem which is causing such fluctuations in
housing market and increasing trend of let properties is the overvaluing of the market and
increased stamp duty charges. Also, only a few people have clear knowledge on the proposed
outcomes of Brexit while the majority of people are making predictions. The preference to let
properties instead of buying new houses is also dependent upon average income of people and
interest rates.
According to Gallent, Mace and Tewdwr-Jones, (2017) there are some community
sections in London who are still not able to afford the houses as per their income levels because
interest rates are still high. Thus, it is assumed to be more profitable to invest a proportionate
value for renovation of house instead of buying a completely new property. With the private
renovation let properties can be extended and additional benefits can also be earned. Another
8

reason for the current trends in London house market is that the consumers who make house
purchase from emotional perspective instead of profit making are getting a chance to get a house
as per their own requirements in minimum cost. It may be difficult for such consumers to
balance the affordable housing with their requirements and expectations of house.
Current trend in housing sector impacting the increasing tendency of let property in London
As per Fernandez, Hofman and Aalbers, (2016), the home selling in London is reducing
and this is making a critical situation for the real estate brokers. These dealers are even finding it
hard to manage their cut cost because people are not showing interest in purchasing houses. The
real estate brokers are hardly selling any significant number of houses in 2018 as compared to
the last few year sales.
(Source: The London Housing Market Is Worse Than It Looks. Here’s Why, 2018)
According to Housing in London report, (2018) after the increment in house prices in 2016,
prices fell down by 0.31% by 2018 and average price for a new house in London was £473,609.
From the same statistics it has also been analysed that the annual increment in the rent prices in
London is lower than the annual increment in wages of people.
9
Illust
ration 1: Number of houses sold by real estate brokers in London in three months

(Source: Housing in London report, 2018)
(Source: Housing in London report, 2018)
According to Ferreri and Sanyal, (2018), 2018 budget introduced shared equity scheme so that
the first-time house buyers of London can easily purchase a house. The scheme was supposed to
bring increment in the selling of house as it would have encouraged the customers who were
having difficulty in credit. However, the scheme is due to end in 2023 which is making it worse
for the buyers. In the upcoming years interest rates will become high and people may find it
extremely hard to repay their loans with such high interest rates.
10
Illustration 2: Growth pattern in house prices in
London
Illustration 3: Growth pattern in rent of let properties

Contrary to this Pooley and Jones, (2017), argued that being a global city the properties
in London are always in great demand and valuable. The current trade negotiations in London
may not be supportive for the local communities but it is possible that foreign investors may seek
it as opportunity. While people are favouring let properties, the foreign direct investment in
London is primarily supporting purchasing. Thus, the property owners may show interest to such
sales because foreign investors are also ready to pay high prices than the locally preferred
domestic market which is shifting towards renovation and renting.
However, with the progress in 2019 it is assumed that London house market will
experience a pull back. Simcock and Smith, (2016), stated that it can be assumed that in next few
months the house prices in entire UK will flat-line and thus the same effect will be visible in
London as well. It cannot be neglected that Brexit factor is one of the key driving forces for the
changes in property trends but there is also a huge increment in affordability ceiling. The house
prices are one of the greatest source of multiplying earnings, people are forcing themselves and
others to save their deposits for a long duration instead of investing in house purchasing.
Wadsworth and et.al., (2016) stated that the best alternative for this is to avoid selling houses
currently and to use them as let properties because the people in need of housing are ready to pay
the sufficient rent for small space as well.
Amaro, (2018) stated that there has been an additional weight on buyers in terms of
capital because due to political as well as economical disturbance in entire UK including
London. Thus, people are not taking it into account to buy for a private ownership. Though
people are ready to spend their savings on shared ownership property this can be helpful for the
first-time buyers as they can buy their new properties. Earlier, London used to be known as the
hub for house flippers who aims at making huge profits by buying and selling houses annually.
However, in the current era of uncertainties there is shortage of such house flippers because
neither they are able to find buyers not affordable houses on which they can invest.
Monaghan, (2018) stated that the price falling trends in houses has led to strengthening of
rental housing trends. The high deposit requirements, Brexit and lower number of house property
related transactions has stretched affordability. The literature support provided by Monaghan is
based upon the review of a single perspective. It limits the actual scope of article subject.
Different factors or theories could have been used to demonstrate the latest trends and associated
11

factors of housing market. It is possible that many first-time purchasers may welcome this price
fall but it is not appreciated by the existing property owners. The continuous fall in prices is
making property owner worried as they may not get the same return as expected by them.
According to Gallent, Mace and Tewdwr-Jones, (2017) currently two trends have been
observed in London market. On one side there are buyers who are willing to wait for few more
months so that more reduction in house prices can be seen after Brexit. On the other side the
sellers are assuming that in next year they will not get the expected profit so they are trying to
put their properties out for the sale. Thus, the current London market is assumed to be more
sluggish and flexibility in prices is very high. There is a very narrow gap between lower and
higher priced housing properties.
As per the views of Ferreri and Sanyal, (2018), London housing market currently buyers
are having more power for the negotiation. There is decrease in sales volumes and availability of
property is increasing. However, it is expected that once UK will begin to grow as a separate
country the sales and property prices will increase again thus property dealers are taking it as
good decision to make purchases. This is the same reason that some existing house owners are
renovating their houses so that they can maintain their property for the future benefits when they
will get high value.
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CHAPTER 3: RESEARCH METHODOLOGY
3.1 Research approach
The research approach describes the way through which theories and structures can be
used to analyse the research data. The researchers can use inductive or deductive approach for
the study. In the inductive approach instead of using any hypothesis, different aspects of the
research issue are observed and generalised theories are developed on the basis of these
observations (Kumar, 2019). This type of study is usually based upon qualitative research type
and enables the researcher to initiate the study without any preconceived idea.
On the other hand in deductive research approach a specific theory, assumption or
hypothesis is used by the researcher in context of the subject and then specific conclusions are
developed. Thus, it involves more scientific investigation so that hypothesis can be validated.
The research studies which uses deductive approach aims at causality while the studies focusing
on inductive approach emphasise on analysing the past studies from different perspectives so that
the research questions can be addressed and scope of the study can be narrowed down.
One of the advantages of using inductive approach in the study is that this approach is not
bounded with the time limitations and researcher can use significant amount of time to reach
conclusions. However, for the studies which requires avoiding risk does not prefer inductive
approach (Mackey and Gass, 2015). For such studies deductive approach is more suitable
because it has abundance of resources and possible risks are also avoided in the study.
In this study inductive research approach is used because for this study various
observations are analysed for making the suitable conclusions. On the basis of these conclusions
suitable theories can be developed for answering the research question. Since there are no
specific theories which can describe the renovation and property selling issues of London instead
of deductive, inductive approach is used in the study. One of the advantages of using inductive
approach in this study is that inferences are drawn with certainty which is not possible with
deductive approach.
3.2 Research design
Research design can be defined as the planning approach to analyse data so that research
can be executed. The research design can be of two types exploratory design and conclusive
(Silverman, 2016). The conclusive research design is further classified as the descriptive and
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causal design. Exploratory research aims at formulating or providing a more detailed explanation
of the research problem instead of making any conclusion or final solution. This design is highly
flexible and emphasise on finding new concepts and theories which are not highlighted earlier.
Though exploratory designs are adaptable to changes and time saving but the interpretation of
the qualitative information from this approach can be biased (Hickson, 2016).
On the other hand, conclusive research is used for the studies which requires a decision-
making statement or conclusion. The descriptive research explores the characteristics of the
subject area and is highly rigid. These characteristics will help to understand the housing market
issues of London and different aspects related to this issue. Descriptive studies are conducted by
observations, surveys or case studies and are more focused on framing research objectives,
sampling and data collection methods used in the research. The conclusive research studies are
more reliable and represent a clear picture of the research subject (Brannen, 2017). The use of
descriptive research is also helpful for providing accurate and factual description of the issue
without emphasising on cause relation between different variables.
In this study we will use descriptive design and observational methods because the let
property trends and renovation issues can be best describe by this approach in every aspect. This
design does not focus on making predictions and analysing cause-effect relation. Hence, the
descriptive research will help to develop more detailed understanding of the research subject.
One of the advantages of observational analysis is that the housing property trends are analysed
from the different secondary sources so that clear and real description is obtained.
3.3 Research type
The researchers can use both qualitative and quantitative research for the study purpose.
The qualitative research uses non-statistical data for understanding various concepts, theories and
opinions (Karp and et.al., 2016). The data collection methods used with qualitative research are
not strictly structured and typically includes methods such as observations, interviews or
discussions. Since this method used non-statistical data the findings obtained through
observation are often checked and judged for their validity and consistency (Patten and Newhart,
2017). Qualitative approach helps to develop and conduct study from insider view point and
from the perspective of the participants. This approach can be applied to the studies in which the
detailed reason for the specific behaviour cannot be analysed by the statistical means.
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Contrary to this quantitative research uses statistics or numerical data for quantifying the
specific research problems. The statistical approach helps to generalise the behaviour and
relevant variables by using a large sample population. The data collection methods used with
quantitative research are more organised and structured (Silverman, 2016). As compare to
qualitative approach quantitative methods are more credible and data collection methods are also
simpler. This research types also helps to eliminate the bias perspective towards data
interpretation. The quantitative researches are suitable in the environment where numerical data
is considered as one of the crucial standards of accuracy and reliability.
In this study qualitative type of research is used for analysing the data because the
research subject is based upon the characteristics of house buyers in London and it does relate to
any scientific phenomenon which requires statistics-based explanation. Different articles,
journals and sources are reviewed for data collection instead of using statistics-based analysis.
This helps to evaluate the study in depth and with quality assured data sources (Kumar, 2019).
For the complex subjects such as in this study use of qualitative approach make it easy for the
researcher to interpret and analyse the factors such as emotional factors, fear and confusion
which are hard to quantify by using quantitative methods.
3.4 Research philosophy
The research philosophy describes the ways through which data collection and analysis
are performed within the research studies. It describes the nature, development and origin of the
knowledge base which is important for the research purpose. The research philosophies are of
following types:
Pragmatism philosophy:
Pragmatism is applicable to only those studies in which concepts or theories are
supported by the relevant actions. The concept behind this approach is that it assumes that a
single perception cannot describe the entire summary or detail of the subject. The main emphasis
of this philosophy is on the research question and it can also combine two different research
methods for the study purpose. For instance, pragmatism can employ both inductive and
deductive approach as well as qualitative and quantitative strategy (McCusker and Gunaydin,
2015). Thus, one of the advantages of this approach is that it uses the combination of the
research method which best suits the study.
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Interpretivism:
With this philosophy the researcher is involved in making interpretations related to the
research subject. For this interaction and access to the real facts of world social constructions are
essential. Interpretivism philosophy gives more priority to qualitative analysis and methods
which can reflect the variable perspective of the research issue. The data generated by this
approach is very accurate and justified. Thus, the major perception of this approach is that the
research studies are executed among human beings which cannot be portrayed as objects so their
social role can be interpreted to evaluate the research questions involving their role.
Positivism philosophy:
Positivism focus on factual knowledge which is obtained through observations and
measurements. Thus, data is collected and interpreted objectively and most of the findings from
this type of philosophies are quantifiable or observable. This philosophy mainly leads to the
quantitative analysis. Usually with this type of studies the researchers are required to have
minimum interaction with the participants of research and the study results are completely based
upon facts (Quinlan and et.al., 2019). One of the disadvantages of this philosophy is that for
obtaining the valid information sources it has higher dependency upon experience. However, the
variables such as cause, space and time used in the study are not measured or analysed with the
help of experience. Thus, in such situation it may not give accurate findings. Further this type of
studies emphasis on description instead of providing details of issue.
Realism research philosophy:
Realism is based upon the concept that reality is not dependent on human perspective and
scientific approach must be used for the development of knowledge. Contrary to the idealism
philosophy this research approach assumes that senses describe the truth and the concepts of
minds cannot be considered as the realistic. Thus, it depicts that the observations made during
the research portrays the actual truth and the sensations from the experience of individuals
cannot be considered as the ground for realistic assumptions of the research (Gabriel, 2015).
In this study interpretivism is used because by using this philosophy qualitative research
area can be studied in greater depth and with more accuracy. Particularly in the field of business-
16

related researches this philosophy can be considered as highly effective and reliable because it
takes the circumstances as well as human resources in account which plays an important role in
the research studies.
3.5 Data collection
Data collection is very crucial part of the research as data collected for the study helps in
analysing the subject area with clarity. Data collection can be considered as the vital element in
the process of taking research in a forward direction of extracting conclusions and findings. The
data collection methods are of two types: primary data collection and secondary data collection
methods.
Primary data is collected by the researcher for the first time without any previously
conducted studies. It can be gathered from sources such as interviews, surveys and
questionnaires. Thus, primary data is factual and is collected with aim of underpinning the
research issue (Venable, Pries-Heje and Baskerville, 2017). On the other hand, the secondary
data collection methods includes the interpretation and analysis of the research data presented by
the other scholars or researchers. The primary data is real time data and thus it may take more
time to collect as compare to the secondary data.
Since the primary data is collected by the own efforts of researcher these methods are
quite expensive and less economical. One of the distinguishing feature between primary and
secondary data is that primary data is highly specific to the needs of researcher and can be
visualised as the crude data which can be refined by future research studies. However, with
secondary data collection the gathered information may or may not be specific to the research
requirements (Pruzan, 2016). Though primary data is assumed to be more reliable but for certain
research subjects which needs the interpretation and analysis of the existing trends and pattern
primary data may not prove to be effective.
The primary data collection is completely in control of the researcher and needs time.
Contrary to this secondary data is can be readily obtained from the websites, books and articles.
The secondary data collected form various government statistics and internal reports is very
reliable and realistic (McCusker and Gunaydin, 2015). However, it is also essential for the
researcher that with primary data collection methods ethical considerations must be strictly
17

obeyed so that cooked up data is not received. The primary data collection methods are quite
complex and are also influenced by the funding issues and ethical considerations.
In this study secondary data collection methods are used because the general population
may not have in-depth knowledge of housing market or trends of let properties. However, the use
of secondary sources can help to evaluate the subject from perspective of finance experts as well
as buyers (Fletcher, 2017). For this purpose different articles, books and journals were searched
with specific search terms. The terms such as private renovation in London, current trends of
London housing market, let properties in London are used. Various articles such as newspaper
reviews, articles from financial and property experts were given priority so that more recent and
validate data can be collected from the study.
3.6 Data analysis
Data analysis is defined as the method to inspect, interpret and transform data so that
meaningful information can be obtained from the collected information. Data analysis provide
support in making decisions and for informing conclusions. For the statistical data various
software packages and tools are available for the research. For instance the SPSS can be used for
statistical analysis. Thus, this tool is widely used in the researches including quantitative data.
For the qualitative data thematic analysis can be preferred in which suitable themes related to
study are framed and analysed as per the data collected.
Thematic analysis aims at examining specific patterns or themes within the data collected
(Quinlan and et.al., 2019). These themes describe the description of the research area in relation
with the research question. One of the advantages of using this data analysis technique is that it is
highly flexible and thus it is possible to use this analysis approach within variety of frameworks
and for answering wide range of research questions. In many qualitative types of research themes
are used to develop theories which are grounded with the collected data.
However, with themes the reliability of data is always questioned because the
interpretations are made from number of sources. In this research reliable sources are used and
thus this issue has been overcome. With this analysis approach it is also hard to focus on specific
aspects of data collected due to its flexibility.
In this project thematic analysis is used because the study does not include statistics.
Thus, for better interpretation of the qualitative data themes are prepared so that detailed insight
18

for each of the aspect can be received (Ledford and Gast, 2018). The use of thematic analysis
helps researchers to expand the study range and to support the themes with data. The flexibility
of this data analysis method is also useful in applying multiple number of theories to reach the
conclusions (Aithal, 2017).
3.8 Ethical consideration
Ethical considerations helps the researcher to execute the research with acceptable and
ethical measures. These considerations play an important role in enhancing the accountability
and to avoid data fabrication so that reliability and validity of research is maintained. At first the
researcher must have informed consent from all the participants involved in the research. The
secondary data sources which are used in the study must be reliable and validate. These sources
must also be cited in the research. Similarly, if some participants are consulted for the research
then it must be taken care that their confidentiality and anonymity is maintained (Taylor,
Bogdan and DeVault, 2015). It is also important for the researcher that before using any facts
and statistics from the secondary sources their accuracy must be confirmed. The findings which
are conflicting must be avoided or mentioned with the clear description of the issue.
19

CHAPTER 4: DATA ANALYSIS AND DISCUSSION
The study uses thematic analyses for the secondary data collected from various articles,
journals and other secondary sources.
Theme 1: Several issues influencing house property trends and renovation in London
The homeowners in London are choosing to invest their money in renovating their
property instead of moving in new houses. It has been increasing the trend of let properties in the
city. In 2013 where only 3% people were in favour of renovating their houses the same
proportion increased to 15% in just next five years (Number of homeowners renovating instead
of moving increases five-fold in five years, 2018). The trend has been driven by the impenetrable
and costly house property market of London.
Due to high property prices, Brexit, stamp duty, and increased rates of interest are
causing an increase in let properties. Though most of the people consider renovation as means of
improving their housing standard and living with low cost but gradually people are perceiving it
as one of the safest ways for gaining return on their property. However, the communities who are
living in very closely packed colonies are finding it challenging performing renovation while
living in the same house. The renovation work usually takes three to five months thus this can be
hard for people to manage especially if they are living in small houses (Jones and Livingstone,
2015). Due to his reason still there are people who are waiting for price fall so that they can buy
new house.
(Source: Hiscox Renovations and Extensions Report 2018, 2018)
20
Illustrat
ion 4: Increasing trend of renovation in UK

As compared to the last one or two years 2019 can be taken as a hope for the
dysfunctional house and property market of London (Marom and Carmon, 2015). It is expected
that interest rates may grow more. However, the weaker economy at present will soon limit this
growth and let properties such as mortgages may remain cheap. The inflation may cause increase
in wages so that the construction of new properties can get slow in London. In such situations
people are expecting that though slight increase in wages cannot support the new construction of
houses but it can make it easy to renovate the properties.
The migration due to Brexit is also influencing the supply chain demand of the newly
constructed or developing projects in housing. The real estate experts have predicted that house
prices will dramatically go down in UK and thus people must be prepared for making huge
profits in such situation. However, it is hard to predict that when uncertainty period due to Brexit
will get over and property decisions will have better clarity. The lending criteria is also getting
tougher after separation of UK from European Union.
This is also predicted that there will be an increase in first time buyers who are trying to
neglect the complexity of let properties maintenance. There are several hidden issues such as
stamp duties, solicitor's fee, capital gain taxes, removal fees and mortgage fees which are
influencing the house selling and buying trends in London (Rogers, 2017). As the house prices
are falling many influential and capable London citizens as well as foreign investors are in
search of perfect renovation properties so that they can buy and further explore their buy-to-let
concept. In property hub London the factors such as constructional errors are not the bigger
concern for the buyers.
Since the return on property is so high that people only assess the investment and the
possible return on the value. When house property customers in London plans to purchase
property from the let purpose they used to consider all aspects such as buying prices, cost and
duration of renovation, estimated profit and the ultimate sell price of the house. One can easily
find the serial house property renovators in London. However, this business trend can be quite
risky in situation when the cash flow is extremely tight. The same has been observed in London
market after the proposal of Brexit (Pekdemir, 2015). Since the Brexit cannot be considered as
21

extremely havoc situation property professionals are quite positive and considering that the
uncertainties will surely end up soon.
From the renovation perspective in London people are also experiencing certain doubts
such as there are possibilities that the renovation work might get over budget. This can be a
major concern for the low income people. The greatest risk involved with this aspect is that it is
not sure that sellers will get the expected profits. With renovation and purchasing of new
property it becomes important that people can get a trusted tradesman who can deliver house
property as per the needs of customers (Squires and Heurkens, 2016).
Though from the perspective of high valued London property market this cannot be a
matter of concern for the majority of the stakeholders but for the buyers who do not deal in
regular purchase and are only one time buyers this is one of the most crucial issue. Private rental
properties and accommodation services are at peak in London at present. Since for the first-time
buyers London is still expensive, the choice of private rental is the only strong choice for such
people. The outcomes of Brexit are also including migration of many job opportunities thus
unemployment is also one of the issue which is gaining the focus of London property market.
With the increasing unemployment it is quite possible that there may be shortage of house
purchase trend which can further give more strengthening to the market of rental properties. As a
result of this many investors are cashing their London properties and using it to purchase other
beneficial properties in other cities of UK.
Theme 2: Factors affecting property selling and house renovation
Amid the Brexit discussion the housing property trends of London are facing significant
ups and downs in terms of supply and demand (Ferm and Jones, 2017). Pricing being the second
most influential factor for the buyers decision the economic stability has been one of the primary
concern for the people. Due to law amendments, high interest rates and economic uncertainties a
huge gap has been created in supply and demand of the houses. It is leading to another trend of
let properties and house renovations instead of purchasing. The interest rates are increasing and
thus people are showing less interest to buy a house property on such high rate.
On the other hand, when interest rates are increased mortgage lenders also get an
opportunity to raise the mortgage payment cost. As a result, people believe that they can invest
their available amount in lending properties so that there will be no risk of getting less return.
22

Another factor which affects the housing trends in London is the average income of people.
Since after Brexit unemployment rate has increased a lot of people have lost their jobs and are
supposed to migrate. It will create an impact on economic growth as well as the average income
of people. Thus, due to unavailability of jobs and sufficient wages citizens are concerned about
the other basic needs instead of buying home (Hofman and Aalbers, 2019).
For the people who have lost their jobs are in search of more affordable houses. This
factor is also forcing people to search for the houses which can be taken on rent. This trend has
been giving benefit to let property owners who are taking this as golden opportunity to receive
profit on their stable properties. London house market is not only in high demands for local
citizens but also for the foreign investors. Thus, the location of housing property which can
return good amount in the future. In the city people are very much conscious about the location
of their house. The buyers which are searching property for the investment purpose are paying
more attention to the house property value.
Nevertheless, the first time buyers are not the regular buyers. For such population
purchasing house is only one time attempt in their life and thus they take this decision with
excessive care. Though property value is also a matter of consideration for such buyers but their
primary requirement is that the house location and features must be in accordance to their needs.
The house location in city area and with all facilities in the nearby region encourages buyers to
buy houses (Rae and Sener, 2016). When first time buyers observe any property which can meet
all their expectations then, they make various attempts to purchase the house.
In such condition people also believes that since house prices and interest rates will never
ever go down. These prices will always reach to a new height. Thus, for such target population
whenever a house property is available as per their needs they can take every step to buy it. One
of the important element in London housing property is the potential of expansion and growth of
house. When housing properties have space or possibility to add an extra storey or bedrooms or
floor area then it definitely adds more value to house prices. From future perspective it can be
beneficial for the buyers as when their family will expand they can add more rooms or it can be
used as let property. The house features such as number of toilets, parking space and
improvement scope for the house infrastructure are also critical factors which can change the
buyers decision (Eichholtz, Huisman and Zwinkels, 2015).
23

The performance of property market in various borough of London also influences the
buying intention of customers. For example if in any specific area or suburb property prices are
very high then investors will not hesitate to develop the housing projects in those regions.
However, if the real estate business of local regions is not doing well then builders may not show
interest in supporting such housing projects. It has been also analysed that demography and
population in the region also affects the buying factor of house properties in London.
The borough's having mostly young families then multi-bedroom houses are the first
choice for the people and before buying house they consider this aspect as well. The renovation
potential is profitable for both investors and purchaser (Glucksberg, 2016). The scope to
personalise house with the additional space available enhance the re-sale value of the house. One
of the factor which is affecting the let property trends in London is investment potential. The
rental incomes are growing with very stability and minimum risks. Thus, many buyers in London
are just buying properties so that they can use it as let property. The high rental incomes and
expected high value of house in futures is making people more interested in let properties.
The bank and market evaluation also have impact on house properties. The investors or
the buyers who are dependent upon banks for financing their house may not get appropriate
support from the banks. For examples presently when London housing market is going through
unstable phase banks are also taking every step with extreme care. The loans procedures are
become complex and strict. Corresponding to economic stability banks are trying to provide
loans to only those customers who have higher possibility to pay back loan even if after Brexit
situation does not remain stable. Due to this reason most of the people are not able arrange fund
for buying house even if they have finalised the house location (Minton, 2017).
Apart from the above discussed market and customer oriented factors the government
policies is also changing the private property trends in London. Though several amendments
such as subsidies, stamp duties have been made but there is lack of understanding among
communities. Most of the people are not able to understand the pros and cons of these legal
amendments and thus they are waiting for some time until these changes are cleared to them. On
the other hand brokers and let property owners who have understood these legislations are trying
to grab the expected benefits by renovation of the houses.
24

Theme 3: Latest trends of increasing let properties in London
There has been huge difference between average house and rental prices. This significant
gap in the growth rate of both the prices has encouraged the increasing trend of let properties.
Due to lower growth rate of rental prices people are in search of let properties instead of buying
new houses (Bracke, 2015).
(Source: How is the Central London property market performing?, 2018)
(Source: How is the Central London property market performing?, 2018)
25
Illustration 5: Average rental price in London
Illustration 6: Average property price in London

Due to the slower growth rate in rental prices and need of affordable houses there is good
demand of rental properties. However, with the increasing demand of these houses the supply of
let properties is reduced and it is expected that soon this gap will bring a rise in the rental prices
in London (Bencardino and Nesticò, 2017). The new tax charges have made let properties less
profitable and thus small landlords are selling their properties.
Second home owners are also worried about the 3% extra stamp duty and tax break. In
the similar context the higher house prices is rising the need of such rental properties but it has
been becoming challenging for the people to find a landlord or the let property. The let property
owners have realised this demand and many owners are also making renovations so that they can
expand their available properties. Another popular and the latest trend which is emerging in
London is that people are using the concept of rent to rent.
The potential property dealers who are having purpose of making profits instead of
searching for affordable housing are searching houses which they can take on rent. Later they are
letting this property on rent with some additional margins (Lees and Ferreri, 2016). For this
purpose the people are also converting their dining rooms, lounge and other extra space of the
house into bedrooms so that more and more tenants can enter. The trend is popularly known as
multi let and is giving huge profits to people and let property dealers. The rent to renter consider
this as legal because the let property owners are getting their amount as per terms and the renters
are also maintaining the house property by performing minor maintenance tasks through suitable
management of tenants.
However, the rent to rent approach must be regulated by the relevant agreements and
terms of property tribes (Cooke, Appel-Meulenbroek and Arentze, 2019). The people who are in
search of rental properties have to suffer from several issues. For instance most of the let
properties are already occupied in London thus it can be difficult for the people to find a desired
house within their budget range. Due to high demand of such let properties for a single property
there are multiple number of interested buyers. Thus, it completely depends upon the let property
owner to ask for the high rents.
Since rental houses are tough nut to crack people readily agree to pay the rent as well as
advance deposits. For the migrant labours with low income it becomes challenging surviving in
26

such high demands in rental properties as well. This reason inspires many landowners to develop
such rental houses so that they can safely earn profits for lifetime without any attempt to manage
or sell their property. Though let property owners demands high prices but there has been flat
growth in rents (Monti and Cerroni, 2019). The key reason for this constant growth rate is that
high volume of such let properties is emerging in the market. Due to this reason despite increase
in the transaction landlords are always aware that they have to face huge competition from
existing as well as new arriving let property owners.
The applicants of house properties are well aware of the rental market and thus landlords
are also very flexible so that they can let their house to the customers. One of the important
aspect which is observed in current rental market of London is that property owners are trying to
renovate their houses at the earliest so that they can let their property. Apart from the profit
making their major goal is to keep the void period of house minimum. It is strongly believed by
the property experts that if let properties are left unoccupied for long term than it reduces the
rental yield. Due to this aspect let owners are always ready to negotiable up to a certain limit.
The developers who are renovating rental properties are also keeping these trends in mind
so that they can maximise the usage of available house space. With the new regulations the
tenancy renewal prices have increased in London and thus applicants are now trying to commit
longer tenancy duration so that renewal cost can be minimized. It has been analysed that out of
33, in 26 boroughs of London rent prices have decreased but it is strongly assumed that these
price reductions will not remain constant for long term (Slow rental growth in London drags
down average UK rents - but prices are set to rebound sharply. 2017).
The factors such as stamp duties and complex regulations has created challenges for the
let property owners but still there are two factors which helps house property owners to keep
their rent income stable. The low borrowing cost and term funding scheme has helped renters to
survive effectively in the unstable house market of London. Contrary to London in other parts of
UK house rents are expected to increase (Edwards, 2016). Since house market is very low and
there are no significant buyers there has been increase in accidental landlords as well. These
owners desire to sell their houses but due to unavailability of the buyers they have to wait to rent
their house until some buyers does not purchase their house. The attention of such sellers is on
future trends so that they can decide the best use of their private property. The mortgage
27

regulations has put a burden on let property owners and thus the mortgage prices are observing
continuous decline (Cooke, Appel-Meulenbroek and Arentze, 2019).
28

CHAPTER 5: CONCLUSION
It can be concluded from the above discussion that house prices in London are currently
replicated on the basis of concept “wait and see”. The political uncertainties in the nation has
caused prolong downturn in the housing property market. In the current uncertainty era the
confidence of customers has weakened and it leads to subdued activities in entire real estate
market. With the increase in private renovation housing properties are coming into the market at
very slow rate. In all other parts of UK a decline in the house properties can be observed
however the impact has been observed most in London (Laska and Spain, 2016).
Despite this temporary decline market experts have predicted that soon there will be a
critical retreat in the house prices which can be taken as the boom for the first time buyers of
private properties. It has been also evaluated that the stable or flatlining house prices can become
a common trend among potential buyers. Due to these stable house prices local buyers are still
not able to make good purchases because of uncertainty and lack of finance but the situation has
been effectively explored by the global buyers. Beside Brexit the weaker value of pound is also
making it difficult for the foreign investors to resist from making purchases. Though majority of
such type of investors are interested in lands but as per the latest trends they are also showing
interest in private housing properties.
The main objective behind such approach is that these foreign investors can use these
housing properties for rental purpose and to develop more renovated colonies. The most
important aspect which has helped people and investors to overcome the Brexit uncertainty is the
weaker value of pound. This can be considered as highly relevant at least in context of foreign
buyers (Lees and Ferreri, 2016). It has been also a common trend in London private property
market that seasonal uplift always provides new success heights to property trends. The same has
been expected that with spring more selling and purchasing requests and actions will be observed
in London market. Majority of the people and real estate dealers believes that as compare to
earlier the London property market is no longer safer to earn profits, at least for the next few
months until the Brexit terms and effect is not clarified.
The house price growth rate in London has declined while the saving rates can be
considered as the highest among the last few years (Eichholtz, Huisman and Zwinkels, 2015).
Thus, it has been also analysed that people are getting more interest and return on their saving
29

accounts as compare to the amount earned by property owners (White, 2016.). Hence, most of
the people are following this path and choosing to keep their investment safe for the future.
People are hesitating and not confident enough to risk their savings for the house properties
whose prices are fluctuating regularly.
The buy-to-let investors are receiving slight taxation reliefs on the interest payments of
their mortgages while investors are required to pay high taxes. As compare to other cities
London has more economic association and integration with the international economies and
other parts of Europe. Thus, city has higher percentage of foreign investment and migrant
citizens as well in its labour market. From the data analysis it can also be concluded that
renovation trends and house selling behaviours depends upon several factors along with the
economic stability. For example the average income of people, legislations and taxes related to
real estate properties, house features and availability, demography and bank evaluations also
influences house selling trends.
The housing market of London can expect a gradual pull back in the upcoming years
because all over United Kingdom house prices are stagnating. The house prices have always
been a greater multiple of income of people. Though the growth rate of house prices is reduced
but still the house prices in the capital city are high. Such high prices of private properties are
shutting most of the people from approaching housing market (Fernandez and Aalbers, 2017).
On the other hand the investors or the buyers who have potential to deal with high prices are
forced to save their investments for long term so that after some time they will get desired
outcomes.
A strong prediction made by the property experts is that there is high probability that
house prices in London will soon crash and buyers are having very limited choice. In addition to
Brexit the stamp duties and land taxes are also increased. It is also limiting the volume of house
property related transactions. London and England have been one of the popular choice for the
immigrants due to great employment opportunities. Thus, the housing property trend and the
excessive need of affordable house encourages the rental properties.
Despite the growth of rental properties the affordable and comfortable housing are still a
challenge for people (Jones and Livingstone, 2015). This is one of the reason that when entire
housing market is facing uncertainty many people are hoping that they can get a house as many
30

immigrants will move from London creating a space for affordable houses. It can also be
concluded from the study that it cannot be denied that first time buyers are now able to compete
with the investors.
It is also observed that the increased stamp duty for the rental property and second
housing property owners has diminished the possibility of many would be landlords. It has
encouraged and provided a new way to first time buyers. Thus, the modifications legislations can
be visualised as an attempt to balance the activities of buy-to-let investors and first time
purchasers (Eichholtz, Huisman and Zwinkels, 2015).
31

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