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Where are people renting in London?

  Since 1801, the Census has provided us with an insight into the way we live our lives. In 2011, one of the most significant trends to emerge centred on the growth of the private rented sector. Between 2001 and 2011, the number of privately rented properties in London alone rose by 75%, a staggering 819,000 homes. Today, a quarter (25.1%) of all London households live in privately rented homes – an increase of 15.5% on ten years ago. The high cost of buying has undoubtedly contributed to the increasing number of tenants, but people rent for all kinds of reasons. For some it’s circumstances – they simply can’t afford the cost of accessing the housing ladder – but for many it’s a conscious lifestyle choice. Living in the very heart of the capital seemingly never loses its appeal. When the cost of buying in these prime London boroughs can prove prohibitively high, renting can present a viable alternative. The 2011 census shows that 29.5% of all inner London borough households live in the private rented sector. This compares to 22.2% living in outer London. It’s interesting to see that the most popular boroughs in which to rent are among the most expensive in which to buy. Westminster, Kensington and Chelsea, together with the City, attract the highest number of private rented sector tenants with more than 36% of households in each of these boroughs living in private rented properties. Top 10 London Boroughs - % of households renting privately % of households in private rented properties Westminster 39.7% City of London 35.9% Kensington and Chelsea 35.8% Newham 34.1% Tower Hamlets 32.6% Camden 32.2% Hammersmith and Fulham 31.7% Wandsworth 31.7% Haringey 31.5% Brent 30.1% Source: 2011 Census The story remains the same even if you break the figures down to postcode level. An astonishing 50% of households in W1 – Mayfair/Marylebone – are living in the private rented sector, with Knightsbridge (SW7) and Bayswater/Paddington (W2) following close behind. Postcodes with over 40% of properties privately rented % of households renting privately W1 - Mayfair/ Marylebone 52.1% SW7 - Knightsbridge 47.3% W2 - Bayswater/ Paddington 47.1% SW5 - Earls Court 44.5% W8 - Kensington 42.9% W14 - West Kensington 40.0% Source: 2011 Census The government’s Help to Buy initiative will undoubtedly encourage tenants into home ownership, but demand for private rented housing among young professionals remains strong. And where are they choosing to rent' Our analysis shows that the top five hotspots in descending order are Hackney (E8), Battersea (SW11), Wandsworth (SW18), Hammersmith (W6) and Clapham (SW4). These are all areas that have a strong identity of their own, vibrant and with good transport links. Qualities worth noting if you’re a would-be investor! Young Professional Renter Hotspots Area % of households renting privately E8 - Hackney 29.8% SW11 - Battersea 29.9% SW18 - Wandsworth 30.2% W6 - Hammersmith 32.2% SW4 - Clapham 32.4% SW12 - Balham 32.6% SE14 - New Cross 32.8% NW6 - Kilburn/ West Hampstead 36.0% E14 - Docklands 36.6% Source: 2011 Census

London rentals_white back

 

Since 1801, the Census has provided us with an insight into the way we live our lives. In 2011, one of the most significant trends to emerge centred on the growth of the private rented sector. Between 2001 and 2011, the number of privately rented properties in London alone rose by 75%, a staggering 819,000 homes.

Today, a quarter (25.1%) of all London households live in privately rented homes – an increase of 15.5% on ten years ago. The high cost of buying has undoubtedly contributed to the increasing number of tenants, but people rent for all kinds of reasons. For some it’s circumstances – they simply can’t afford the cost of accessing the housing ladder – but for many it’s a conscious lifestyle choice.

Living in the very heart of the capital seemingly never loses its appeal. When the cost of buying in these prime London boroughs can prove prohibitively high, renting can present a viable alternative. The 2011 census shows that 29.5% of all inner London borough households live in the private rented sector. This compares to 22.2% living in outer London.

It’s interesting to see that the most popular boroughs in which to rent are among the most expensive in which to buy. Westminster, Kensington and Chelsea, together with the City, attract the highest number of private rented sector tenants with more than 36% of households in each of these boroughs living in private rented properties. Top 10 London Boroughs - % of households renting privately

% of households in private rented properties Westminster 39.7% City of London 35.9% Kensington and Chelsea 35.8% Newham 34.1% Tower Hamlets 32.6% Camden 32.2% Hammersmith and Fulham 31.7% Wandsworth 31.7% Haringey 31.5% Brent 30.1%

Source: 2011 Census The story remains the same even if you break the figures down to postcode level. An astonishing 50% of households in W1 – Mayfair/Marylebone – are living in the private rented sector, with Knightsbridge (SW7) and Bayswater/Paddington (W2) following close behind. Postcodes with over 40% of properties privately rented

% of households renting privately W1 - Mayfair/ Marylebone 52.1% SW7 - Knightsbridge 47.3% W2 - Bayswater/ Paddington 47.1% SW5 - Earls Court 44.5% W8 - Kensington 42.9% W14 - West Kensington 40.0%

Source: 2011 Census

The government’s Help to Buy initiative will undoubtedly encourage tenants into home ownership, but demand for private rented housing among young professionals remains strong. And where are they choosing to rent' Our analysis shows that the top five hotspots in descending order are Hackney (E8), Battersea (SW11), Wandsworth (SW18), Hammersmith (W6) and Clapham (SW4). These are all areas that have a strong identity of their own, vibrant and with good transport links. Qualities worth noting if you’re a would-be investor! Young Professional Renter Hotspots

Area % of households renting privately E8 - Hackney 29.8% SW11 - Battersea 29.9% SW18 - Wandsworth 30.2% W6 - Hammersmith 32.2% SW4 - Clapham 32.4% SW12 - Balham 32.6% SE14 - New Cross 32.8% NW6 - Kilburn/ West Hampstead 36.0% E14 - Docklands 36.6%

Source: 2011 Census

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