There’s no place like home: Tenants in London stay in properties for an average of over two years
- 22nd September 2017
- Renting Property News
ludlowthompson data supports London remaining a great place to rent for the long-term
Tenants in London are staying longer in their homes than many of their peers elsewhere in the UK, with renters staying for an average of 26.5 months in their property.
London’s pull to undergraduates, recent graduates, and people moving for news jobs is unrivalled, and its property and transport infrastructure is equally very attractive to those who want to rent for the longer term and enjoy all the capital has to offer.
Not only does London boast world-leading universities attracting a steady stream of prospective renters each year, but it continues to be the engine for economic growth in the UK.
Just recently, the latest research shows that employment in the UK hit a record high, with London seeing its fastest rate of job creation since April 2016. Employees continue to see higher wage levels than the rest of the country.
As discussed previously in our monthly newsletter, London is constantly developing its transport network. The introduction of the Night Tube in particular means people can enjoy the excitement of a 24 hour capital city while living in areas further out than they may have previously considered.
What do all these factors mean for longer tenancies? They mean that individuals increasingly and often want to remain in London for the long term, setting down roots and enjoying the lifestyle and amenities that this virbant city offers.
Long-term tenancies not only give prospective renters stability in their financial planning, but also allow them to make their property a home and their lifestyle embedded in a local area.
Importantly, long-term tenancies are a win-win for both renters and landlords as tenants can plan their cash flow going forward and landlords derive higher net returns from them.
Stephen Ludlow, Chairman at ludlowthompson, says: “Long-term tenancies mean tenants feel increasingly secure and at-home in their rented accommodation. They are choosing to live in their area – and property – for a good few years.”
“London continues to be an attractive place to rent, and its attraction is only growing with infrastructure initiatives like the cycle super highway and Night Tube rapidly increasing in capacity.”
“The introduction of the Night Tube has meant places in zones 3 and 4, such as West Acton and South Wimbledon, are now being considered more by young professionals as they can access the employment market and enjoy the nightlife of the city at affordable market rents."
Long-term tenancies mean tenants feel increasingly secure and at-home in their rented accommodation. They are choosing to live in their area – and property – for a good few years
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