Renting has become a firmly established way of life in London with the majority of tenants looking for suitable properties within walking distance from the tube or train station. The capital’s housing market has been significantly altered by the influx of investment from landlords and we have naturally seen a rise in London renters. The story is similar throughout the country, with the number of people renting in the UK rising from 2.5 million a decade ago to the 4.8 million we see today. Forecasts for the next five years predict an additional 1.1 million people will join the rental sector.
Studies show that around 30% of households in London are now rented, with more than half of 20-35 year old Londoners fully expecting renting to become the norm in the future. The nation has for a long time had an attachment to home ownership, but with falling wages and rising house prices excluding many potential property buyers from the market, the UK rental sector is here to stay.
In the 1980s the average age of people getting married and purchasing their first home was 27. The fact is that people are marrying and setting foot on the property ladder much later in life now, and this has led to the surge in demand for rental accommodation. We have also seen a shift in employment patterns as people change jobs and their locations of work more frequently. Flexibility within the rental market has become a necessity, and more London tenants are finding that it is much easier to rent centrally than buy.
Tight legislation has resulted in the reputation of the rental market being restored after experiencing a downward trajectory in recent decades. Landlords and tenants alike are protected by implemented regulations, and it is beneficial to both parties to fulfil their respective obligations. London has enjoyed the steady upward trajectory of the rental market in recent years and offers the best of both worlds to landlords and tenants alike.
We support tenants, landlords and investors with our range of proficient services, including estate, property and block management in Barking and Dagenham and the rest of the capital. We offer full property management and guaranteed rent schemes that help our landlords secure maximum returns from their investments. We ensure all tenancies run smoothly and take responsibility for property maintenance, repairs and rent collection. It is our role to facilitate successful tenancies for both landlords and tenants and we have the resources and experience to deliver the highest standard of service.