Wednesday, August 4News For London

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Homeowners in London will decrease to 40 percent in 2025

Homeowners in London will decrease to 40 percent in 2025

DontUse, News, Politics
London will be a city for renters rather than owners in 2025, research by PwC reveals. The forecast outlines a deterioration of the problems for the Generation Rent, with an increase of rental housing in the UK capital. People born in the late 1980s and in the 1990s will be most affected. The research shows a reversal of the situation in 2000 when homeowners were about 60 percent. Instead, 60 percent of Londoners will rent a home rather than owning one in 2025. Of these, 40 percent will be private rents and 20 percent social rents. The increase of  prices for renting and the decline of average income are the main causes of this trend. Richard Snook, senior economist at professional services firm PwC, told the Financial Times earlier on Tuesday: “High prices are making homes i