Eat. Sleep. Rent. Repeat.
Posted by faye.stammers | 18 October
Our recent study of 1,000 home movers shows that just under half of Londoners are living in rented accommodation, which is estimated to swallow up more than half of their salary.
The survey, conducted by our PR and Marketing team, found that 48% of the capitals city-goers are still renting, with the majority living in shared accommodation. This includes 6% who still live with their parents and contribute to bills. London’s renting figures are a stark contrast compared to the rest of the UK, where only 38% of those outside the capital are renting alone, in shared accommodation or contributing to bills whilst living with parents.
When it comes to owning a property, it's no surprise London figures trail behind the rest of the UK. 42% of those living outside of London own their own home compared to just 30% of Londoners.
If you live in London, you’re also more likely to live with your parents for longer to avoid costly rent. 12% of Londoners currently live rent free with their parents, compared to just 5% in the rest of the UK. Overall, these statistics show that the jump from living at home to owning a property appears much more attainable outside of London, with those in the capital being subject to the dreaded cycle of rent.
London is said to be known as ‘Generation- Rent’ and it’s only expected to get worse. Oscar Williams-Grut, Senior Reporter of Fintech and Retail at Business Insider, highlighted in an article that those in London who are not part of, “a couple both earning over £50,000” can forget about buying a house as the market is, “completely untethered from the rest of the country”.
In April 2017, Mintel findings suggested those living in urban areas have no choice but to rent, with house prices rising and wages failing to keep up. Mintel also revealed that renting is going to be a long term trend and if these recent findings prove anything,it's that renting is the only viable option for many living in London.