London Will Be City of Renters by 2025
By the year 2025 London will be known as the city of renters. By that time only 40% of houses in London will be owned by their occupiers. This will be a turn around compared to the year 2000 when 60% owned their occupied home, which includes both owning outright and with a mortgage.
The Government is actually trying to allow more and more home owners into the property market through initiatives such as the Help to Buy Scheme, along with George Osborne trying to penalise Landlords through increased stamp duty from April 2016
The increase of renters in London is on course of an increase of 24.4% between 2000 and 2025. Whereas the UK average is set to increase by only 14.5% within the same period. The study was made by PwC, of who David Snell added that the UK has seen a shortage of housing for the last two decades.