Get it while it’s hot
13 January 2015
London is a fantastic city to live in: a wealth of history and culture, world-leading universities, a global financial centre and hotbed of creative talent. But popularity comes at a price. Soaring house prices mean the market for rentals is increasingly competitive.
Home ownership in the UK has hit a 25-year low, with an increasing number of twenty and thirty-somethings unable to get on the housing ladder. This ‘Generation Rent’, unable to afford their own homes, are fuelling the rental market, particularly in the capital. A recent English Housing Survey noted that the private rented sector has almost doubled in size since the early 2000s. Half of those renting privately are under the age of 34, with private rentals outstripping social housing for the first time. That same study found that 44% of renters don’t expect to purchase a property for at least five years.
The result? A hot rental market, where good properties in popular locations are swiftly snapped up by savvy tenants. For this younger generation, renting is not without its perks: not having to shoulder the costs of maintaining buildings or repair or replace boilers or major household appliances; not being tied to one particular location and the option to move freely for new jobs or just to explore other areas; the ability to meet new people and forge firm friendships with flatmates. It can also allow you to live in areas where you could never afford to buy property – a Mayfair bolthole, a room a short stagger from Soho’s nightlife, or a flat which is an easy walking commute to Tech City from Old Street.
Myrooms.co.uk has the latest in flatshare and rental opportunities in the heart of London, specialising in properties in the highly sought-after Zone One area. But be quick! Check out the latest opportunities here.