According to new stats, private renters in London now outnumber the amount of people who own a home in the city. The Government’s English Housing Survey released the details and it’s the first time in 10 years there have been more renters than buyers in the capital.
The amount of people renting has more than doubled from 405,000 households to 898,000 households since 2004. Apparently 883,000 live in a mortgaged property.
It’s thought the soaring prices along with lower salaries has meant more and more people stay in rented accommodation, including families.
Do you rent in London but would like to buy a property? Take a look at our blog on Shared Ownership here – it also features a snap shot of details about the government’s Help to Buy scheme.