04-01-2011 07:01 PM CET - Industry, Real Estate & Construction
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Royal Support for the Private Rented Sector: Kate and Wills: ‘Where Will One Live?’

Press release from: Young Group
Buckingham Palace - Rooms for Rent
Buckingham Palace - Rooms for Rent
PRESS INFORMATION
Under Embargo until: 00:01, 1 April 2011

(London: UK) Young Group hears, from a highly placed Palace source that Kate and William are in a dilemma about where to live following their nuptials in April. We understand they want to be a modern couple and feel that living in one of the Crown’s Palaces will not sit well with “their subjects”.

Ideally, they would like to buy somewhere. However William’s RAF salary is unlikely to get them the large mortgage they would need to be able to live in London.

Neil Young, CEO of Young Group, points out; “I have spoken to Jane Reeves, property & finance consultant at Young Finance who warned that with current lending criteria, they will struggle to secure a mortgage for their dream home. Banks will be nervous about their income, especially with the current cuts in public spending beginning today. Their best bet may be to see whether William’s Grandmother would stand as a guarantor, but her age may prove a problem with this option.”

London lettings specialist, Young London, has recommended that they look to the Private Rented Sector for a solution – something that our source says is “being considered”.

“Wherever they decide upon, it’ll have to be fit for a king,” quipped Neil, and while considering where to rent, the couple is thought to be insistent that the property fits the following factors:

• Close to Dad and Gran
• Good security
• Split-level - so the servants can live downstairs
• A (preferably soundproofed) room for Prince Harry to use as a chill out space after his all-night partying

Kate and William are reported to be drawn to the flexibility that the Private Rented Sector (PRS) provides:

• They can agree the rental quickly
• Try out a new area
• No need to go through the mortgage process
• Don’t need to worry about raising a deposit

The Young London team has considered the following as possible suitable ‘addresses’ for them:

• Kings Quarter, N1
• St Katherine’s Dock, E1
• Kings Road, SW3
• Princes Gate, SW7
• William Road, NW1
• Katherine Road, E7

Exactly a year ago Young Group broke the news that the government was exploring renting out rooms in Buckingham Palace to contribute to cutting the deficit.

The well-proportioned, spacious home boasts an excellent central London location and is close to transport links. Tastefully decorated and with the largest private garden in the capital, it’s no wonder that interest levels were extremely high despite the expensive price tag.

Unlike many other privately rented homes, the occupiers were willing to allow pets, and actively welcomed small, well-behaved dogs. Sadly due to the Westminster City Council code of practice for Houses of Multiple Occupation (HMO) rooms are currently unavailable to rent.

“This year it is great to see the Royal Family still looking at endorsing the Private Rented Sector,” said Neil Young, “The private rented sector continues to grow. More than one in five homes in London are now privately rented, and this is a sector that is set to become even more important over the coming years.”

For more information on the Private Rented Sector, visit: www.prsupdate.co.uk

-ends-

About Young Group
Young Group is shaping the Private Rented Sector through research, investment, finance and asset management. The Group’s activity spans the entire investment cycle from identifying opportunities and financing their acquisition, through to managing the asset, regularly reviewing the performance of the property holdings and advising on strategic direction, through to realising returns in the most tax efficient manner.

Young Group delivers day-to-day asset management through Young London, its lettings and management agency, which has won multiple awards from The Times, The Sunday Times and Bloomberg for the quality of its service.

Young Group is proud to support NORWOOD and CHILDREN with LEUKAEMIA, two charities doing valuable work that is particularly close to our hearts.

Press Contact

Michael Oakes
Young Group – Director of Communications

T: +44 (0)20 7318 5454
E: moakes@younggroup.co.uk

Young Group are shaping the private rented sector through research, finance, investment and asset management.

Michael Oakes
Young Group
71 New Bond Street
London
W1S 1DE

+44 (0)20 7318 5454
moakes@younggroup.co.uk

www.younggroup.co.uk/
www.prsupdate.co.uk/

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