It has become evident in recent weeks that residential sales have slowed slightly but, in the 'push-me pull-me' of the property marketplace, this scenario leads to the already buoyant rental market become even more so.
In a variety of newspapers - The Telegraph and Evening Standard being just two - it has been stated that home ownership has hit a 25-year low, whereas private renting has risen from 2.2 million in 2002 to more than 4 million today. This amounts to more than the number in social housing and a quarter of all households in London rent privately.
The key change that we noticed is that many more couples are now choosing to rent, for a variety of reasons. The profile of London renters is changing appreciably with far fewer renters being single and transient and, according to Essential Living, developers and operators of private rental homes, 68% are working professionals or in full-time education, 20% have families and 16% want homes for longer than 12 months. Demographics are changing too, with people starting families much later and with the average first-time buyer age creeping up from 27 in the 80s to 36 now.
Shepherds Bush is a prime spot and opportunity for this situation; a young and vibrant area with renters being mainly professional - media, teachers et al - and graduates working for local corporates. It is also a healthy looking market with significant numbers of people in the 20-40 age bracket, who are priced out of home ownership and with lifestyle changes, boosting the number of private renters who looking for decent-quality, fair-priced accommodation from a landlord they can trust
With rental statistics indicating that tenants occupy on average for several years at a time there are some excellent long-term, good quality, tenants to be had and - with our very experienced team at Kerr & Co. with 70 years of combined knowledge in our office where 8 years is the 'newbie' - we are very confident and well positioned to help you make the right choice.