Millennials – defined as individuals who were born between 1980 and 2000 – make up about a quarter of the UK’s current population. Like any other generation, Millennials have their own needs, desires and quirks.
They, for instance, rely on the integration of technology into their daily lives, putting Wi-Fi connection high in their hierarchy of needs. Millennials are well-travelled individuals who appreciate culture and diversity. Education, mobility and affordability are also incredibly important to Millennials navigating the market.
The lifestyle, work habits and recreation behaviours of Millennials have an impact on the economic landscape of London, and the city is quick to adapt.
Here are the reasons London is the ideal place to live for Millennials:
Affordable Housing Options
Some Millennials are just at the cusp of adulthood. Buying a house isn’t a likely option yet.
Compared to other Millennial hubs in the world, like New York or Paris, London has more affordable accommodation. In fact, co-living spaces are popular among working students and young professionals in the capital. Millennials have no qualms sharing rooms and living spaces with others, as long as they can stay in the heart of the city. LHA London is one of the reputable hostels in London City Centre, with thirteen hostels that provide accommodation for around 2,000 people.
Businesses thrive in London. It is a well-known fashion capital, as well as a centre for advanced technology. The city is home to prominent publishing houses, respectable newspapers, five-star restaurants and world-class hotels. London’s stock exchange and property market are also booming industries, encouraging the young to begin their career in a continuously growing economy.
The job market can be competitive, but that only serves to challenge Millenials to search for the position and industry that suits them best. There is simply no shortage of career opportunities in London.
Experiences and Culture
Millenials crave unique and exciting experiences. Despite being known as the “digital” generation, they also have an indubitable interest in cultural arts, from theatre and literature to music and cinema.
London is famous for being a hotspot for culture. The city has the annual Notting Hill Carnival, the Palladium and the National Portrait Gallery as destinations for cultural activities and fetes. Every year, tourists and locals flock concerts and museums – a will-o’-the-wisp for Millennials.
Diversity and Acceptance
Perhaps the most admirable trait of a Millennial is their forward-thinking attitude. More and more, people are welcoming of different cultural backgrounds and practices from around the world.
London is one of the most diverse cities in the world, with over hundreds of ethnicities and nationalities residing in the capital. It is a microcosm of the entire world and even as a harmonious community, it celebrates individuality. This attracts the Millennial market and, inevitably, makes them stay.
Cost-effective and convenient living in London is possible with LHA London. We are located in the Paddington Basin, giving you access to the busier areas of the city while allowing you to experience a comfortable living space.
For enquiries, contact us here.