London is a hotbed for people and property. With a population over 8.63 million, the private rental sector is the capital’s most prevalent tenure and as the market continues to grow it is an increasingly vital part of the housing market.
It has now been revealed that a fifth of households are privately renting and with numbers likely to grow by 24% by 2021 there’s no sign of things slowing down.
Figures from the latest English Housing Survey show that the private rental sector, that accounts for more than 4.7m (20%) of households in the UK, remains larger than the social renting sector. In London, private renting is the most prevalent tenure (30%), shortly followed by outright ownership (25%) and households buying with a mortgage (22%).
Growth of the private rental sector is likely to have been spurred by conditions in the housing market. Millennials and younger workers are taking advantage of increased renting flexibility which allows for moving between locations without the costs and challenges associated with buying and selling property.
Affordability constraints and the current sales market have also made it more difficult to purchase a house. As a result, many stay in private renting for longer in order to save for a deposit to buy.
Charlie Saunders, Managing Director of Assist Inventories has added,
“Generation rent continues to grow, and is further fuelled by an influx of new buy to let mortgage products for London.”
Letting in London
With an increasing number of tenants renting, it is important to protect your property portfolio by setting the standard to which your property should be maintained and returned at the end of the tenancy.
We offer property inventory services for landlords and agents who require the security of a robust property inventory report but lack the time to carry them out themselves.
Talk to us about how we can assist with your inventory reports leaving you free to ensure you are investing wisely and maintaining your portfolio.