It may not seem like it, but a significant change is occurring in the London landscape.
Through our years of service, we have witnessed countless events and shifts in the city, specifically its edifices. Besides the new structure that pops up here and there, the London infrastructure remains largely unchanged. The real shift actually concerns the ownership rate of these buildings — a rate that has been declining for the past several years.
A Different Living Arrangement
According to a recent PricewaterhouseCoopers survey, around 60 percent of London residents will be renting in the city by 2025. This is a reversal of statistics from 2000, which put London homeowners as the ones at 60 percent.
Younger individuals, those currently aged 20-39, will be the ones driving the 2025 figure the most, as only a modest 29 percent of them plan on owning a house in the future. Five decades ago, as much as 64 percent of residents owned their homes by the time they were 35.
A Better Residence
The blame can go anywhere –from the economy to the green belt to family breakdown to immigration. But, London residents seem to be adamant in turning the city into a renting haven, if the newest residential surveys are anything to go by.
‘Generation rent’, as countless texts have been referencing the phenomenon as of late, is not as bad as many people make it out to be. In fact, we believe that ‘generation rent’ is simply an inevitable product of modernity. People are growing less and less inclined to establish a family home, mainly due to the challenges and advantages of a more connected world.
We have been providing residents, old and new, with quality accommodation. With the rise of ‘generation rent’, increased demand challenges every establishment to raise the bar of living conditions in the city. Our hope is that by 2025, London residents will be renting spaces with quality exceeding that of owned properties.
Contact us for more information.