60% of Londoners will be renters by 2025
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