Generation rent – fast becoming a lifestyle choice
- 3rd July 2018
- Renting Property News
Many people now prefer the flexibility of renting over committing to home ownership, new research suggests
There are signs that renting is fast becoming a conscious lifestyle choice for “Generation rent” rather than just born of necessity.
Research by insurer Direct Line has revealed that now 70% of the UK’s 12 million renters have no plans to buy their own property. And while affordability does come into it, that’s far from the only reason.
For many young renters, flexibility is key. They don’t want to be tied down by owning a property. They are put off by the financial commitment and the prospect of costly maintenance and repair bills – which are currently met by their landlords.
The freedom of renting affords them greater choice over where they live, whether that’s to be near work or to live in an area with a thriving local social scene or cultural attractions. With quick, (and increasingly “always-on”) transport links making it easier to get about in London, renters have greater choice of where to live, especially in many popular areas in Zone 2.
But just because flexibility is important, that doesn’t mean that renters cannot strike up good, long-lasting tenant relationships with their landlords. The research found that Londoners expect to spend 12 years renting on average – meaning that long-term tenancies, which give both landlords and tenants security, are important for both.
So, the recent announcement of proposals to give tenants a minimum 3-year contract (with flexibility for renters to terminate it earlier) could be a positive. As pioneers of long-term tenancy agreements (with our lettings typically lasting an average of 29.5 months), at ludlowthompson we know that this is a win-win situation.
Stephen Ludlow, Chairman at ludlowthompson, says: “As London continues to attract the brightest and best students, graduates and professionals, the capital’s stock of good quality rental property is likely to remain in demand.”
“More and more young people are choosing renting as an attractive option. They are reclaiming the moniker “Generation rent” as an active lifestyle choice which gives them the right balance of freedom and security.”
Here is a selection of reviews of happy customers of ludlowthompson via Google Reviews:
I had a great experience dealing with Daniel Scott. He helped me find a great property at a good price. The whole process was quick and efficient thanks to Daniel being highly communicative and responsive to all my queries especially that I was completing the process from abroad. I trusted Daniel to ensure that everything is sorted out so that I am able to move in as soon as I arrived in London. Everything went as planned and I am very pleased with Daniel's performance
- Raghad Alul on Google
Clear communication from ludlowthompson, made the whole process very easy. Viewings were arranged at convenient times for us - we all work full time. The application process was simple and everything was done online. A very flexible agent who know how to make life easier for the tenant.
- Ja Yue on Google
As London continues to attract the brightest and best students, graduates and professionals, the capital’s stock of good quality rental property is likely to remain in demand
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