60% of Lon­don­ers will be renters by 2025

Evening Standard - West End Final Extra - ES Homes and Property - - News -

to pay for them is driv­ing the de­mand for pri­vate rental prop­erty, with 60 per cent of Lon­don­ers ex­pected to be liv­ing in rented ac­com­mo­da­tion by 2025, ac­cord­ing to re­cent fore­casts by PwC prop­erty con­sul­tants and ad­vis­ers.

This new sec­tor is boom­ing, ac­cord­ing to to­day’s data pro­duced by Sav­ills for the Bri­tish Prop­erty Fed­er­a­tion. Ma­jor schemes un­der way across Lon­don in­clude 600 flats des­tined for rent in the sec­ond phase of the huge Zone 1 Ele­phant & Cas­tle re­de­vel­op­ment.

Ca­nary Wharf Group, mean­while, is build­ing 611 homes for rent at its 60storey Di­a­mond Tower pro­ject.

Berke­ley Homes plans to in­clude 1,151 build-to-rent prop­er­ties in its 3,500home de­vel­op­ment of a dis­used Parcelforce de­pot in Ne­wham. And the Duke of West­min­ster’s Grosvenor Group has an­nounced plans for 1,500 rental homes on the site of a dis­used bis­cuit fac­tory in Ber­mond­sey.

The dis­ad­vanatge of these new apart­ments is that they are too ex­pen­sive for low-waged young Lon­don­ers, though they do pro­vide a se­cure home for pro­fes­sional salary earn­ers, from both home and abroad.

Most devel­op­ments in­clude elec­tric­ity, gas and wa­ter bills, and free wi-fi. The rent of­fers se­cu­rity of ten­ure, longterm leases and con­di­tions, wellde­signed flats with com­mu­nity fa­cil­i­ties such as fit­ness cen­tres, plus shared open space — of­ten roof ter­races— cafés, fur­ni­ture pack­ages and concierge ser­vices. How­ever, high rents make it more dif­fi­cult, even for pro­fes­sion­als, to save for a de­posit for a home of their own.

Find Ruth Bloom­field’s full story at home­sand­prop­erty.co.uk

£2,005 a month: in Brad­stowe House, Har­row, right, Hamp­tons In­ter­na­tional has a one-bed­room built-to-rent apart­ment avail­able. Tipi Lon­don has a three-bed­room flat in the Alto build­ing in Wem­b­ley to rent at £3,595 a month

Sweet: the Duke of West­min­ster’s Grosvenor Group plans to build 1,500 homes for rent on the site of a dis­used bis­cuit fac­tory in Ber­mond­sey

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