Generation Rent as Renters surpass Home Owners in London

February 19, 2016

Private renters in London are now larger in numbers than home owners, as a generation struggle to get on the housing market as a result of stagnant salaries and a shortage of affordable homes. As Estate agents in walthamstow, we witness every day the struggles of first time buyers and do all we can to find a solution to their buying woes. We offer a range of properties for sale in walthamstow and properties to let in Walthamstow, as well as nearby Leyton.

The latest statistics show 898,000 households in the capital are living in privately rented accommodation, this is a figure that has more than doubled since 2004. Equally home ownership has dropped down to 870,000.

With the average home at just over half a million and salaries on the slide, these facts are unsurprising.

Not only are the under 35’s renting in their droves, the older demographic where home ownership is more prevalent, neglect to occupy their homes in many cases, with some living out with London and renting out their properties.

The only hope for would-be homeowners is if the chancellor cools the buy-to-let market. This is unlikely to happen completely however.

There is of course a glimmer of hope in Osbourne’s buy-to-rent schemes, with the government pledging to add to any ISA’s that would-be buyers are using to save up deposit money in. More than a quarter of first time buyers are still reliant on parents to help them raise their deposits.

A commitment to building thousands of new homes by 2020 by the Chancellor, is warmly received, however time will tell if this measure in conjunction with help to buy and a slowing of buy-to-let mortgages will help those looking to buy in the capital.

At Waltham Estates, we love our local area. If you are thinking of moving to the happening borough of Waltham Forrest, we will do all we can to point you in the direction of some of the best deals on the market. Whether you are looking for properties to buy in Walthamstow or properties to let in Walthamstow, we help all our customers find their dream home or apartment, with professional care and property management along the way. Call us today.

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