May 7, 2013 Leave a Comment
There has been considerable comment on the phenomenal growth in private renting. Yet this isn’t news to Londoners. Ten years ago, when the housing market was more buoyant and banks were falling over each other to issue 100% mortgages, private renting doubled. Today a quarter of all Londoners are private renters.
It is not just the overall number that has changed. London’s private renters now include over 200,000 families with children, the average age of renters is rising, and the level of mobility in to, out of and within the sector is declining rapidly. What we are witnessing is a fundamental shift in demographics in a tenure that was once dominated by young, single, mobile people.