Number of renters in London to rise by 122% by 2030
- 28th January 2020
- Renting Property News
London continues to be hotspot for graduates and young professionals
The numbers of renters in London is estimated to rise by 122% by the year 2030, according to real estate firm CBRE.
The largest growth in the number of renters is expected to be in the Tower Hamlets, which includes recently developed areas such as Bow and the Docklands.
Renters already make up a considerable portion of the market in London, with private renters representing 30% of all households. According to this study, renters will account for a bigger slice of the market in the next ten years.
The rise of “Generation Rent” with young people moving to London from elsewhere in the UK, has boosted the rental market.
The increase in renting in the capital is a response to rises in house prices and subsequently, deposits, meaning that people are renting for longer than previous generations.
London remains a target destination for many. The huge range of job opportunities, increased transport links and endless lists of bars and restaurants make it a hotspot for recent graduates and young professionals.
Stephen Ludlow, Chairman at ludlowthompson, says: “It is no surprise that there will be a huge increase in the number of renters as London remains the go-to destination for young professionals.”
“Renting offers the flexibility needed when moving to a new city, allowing individuals moving to the city to shop around and find the area that suits them best.”
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period, we ranked number 1 agent in the UK on all agents out of 15,000+ agents, with 5300+ 5* reviews. Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:
Tom Kennedy via Google Reviews:
“Have recently moved into a property in Bow, Ludlow Thompson ensured the process was very simple and ensure we were in the property for our desired move in date.”
Carmen Martinez via Google Reviews:
“The team at ludlowthompson have been great this far! We are renting a lovely house and everything has been very smooth.”
“It is no surprise that there will be a huge increase in the number of renters as London remains the go-to destination for young professionals.”
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