How many years do Londoners spend renting? It’s less than you think

 

The capital is home to the highest proportion of Generation Rent in the country, but surprisingly most Londoners spend less time as a tenant than the national average.

A sixth of all the UK’s renters live in London, which is a total of 2.7 million tenants. With huge numbers of young professionals seeking out the capital’s strong job market, as well as the sky-high house prices making getting onto the property ladder difficult if not impossible for many, it is no surprise that renting is a popular choice in London.

However, research from Direct Line has found that while across the UK most private rented sector (PRS) tenants can expect to rent for an average of 15 years and two months, in London that figure falls to just under 12 years.

Avoiding commitment of owning a home

The study does not look at why this might be, but it could be down to a number of factors. Other research has shown that an increasing number of young professionals are moving out of the city or to cheaper areas of the country such as the north, which could be where renters are migrating to after their 12 years in London. It could also be that, due to the high cost of renting in terms of wages, more people in the capital who have family nearby tend to stay at home for longer, renting for shorter periods before buying a home.

As a whole, attitudes towards renting appear to be changing, according to Direct Line’s study. There are now almost 17 million people renting their homes in the UK, and around a fifth of these say they do so out of choice because they don’t want the financial commitment of owning a home.

Renting is the more flexible option for around 9% of the respondents to the research who said that it leaves them free to travel, while 8% chose not to buy because they didn’t want to be tied to one area. A further 22% said the cost of maintaining their own home would be too high, with most tenants having everything from general maintenance to major boiler repairs and other works being covered by their landlords.

Landlords need to keep up

Commenting on the results, Christina Dimitrov, business manager at Direct Line for Business, believes we are seeing a major attitudinal shift when it comes to renting.

“While price is a factor, many people are increasingly comfortable with the flexibility afforded by renting a property rather than jumping into homeownership.”

“In line with the greater demand for rental properties, the government has introduced tougher controls and regulation. Recent legislative changes mean landlords have stringent guidelines to adhere to in order to ensure the health and well-being of their tenants. It is important that landlords ensure all of their properties are adequately insured to minimise distress to them and their tenants should something go wrong.”

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

London

How many years do Londoners spend renting? It’s less than you think

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.