Is London’s PRS focus in 2020 shifting to the East?

With the rise in demand for rental properties, one wonders how is London going to meet the incoming demand for rental properties? Reports show that the Private Rental Sector is expected to grow by 22% till 2023. The development of Canary Wharf 30 years ago served as the catalyst of completely changing the East End. Tower Hamlets represents the borough that has has seen the most change, making it London’s fastest growing borough. More than 500 new tall buildings are in the pipeline across Greater London, with half to be created in East London. With the soon to be created Crossrail, the East End will be even better connected to the West.

 

 Canary Wharf. 1992 (Left). 2017 (Right).[/caption]

 

Young professionals and couples (aged between 25 – 49) are amongst the biggest group of renters in London. This borough is made up of a diverse group of international migrants, with the census showing that 43% of the residents were born outside of Britain. This group of renters is made up of the following:

These individuals are looking for properties that are:

A recent survey by Zoopla shows that a quarter of customers don’t use online portals when conducting their property search. Instead they rely on the other channels. One of which is receiving property updates from agents that match the criteria of properties that they are looking for. Though the use of portals is still very important for Agents to market their properties, it is just as important to develop your email marketing campaigns as well as develop your social media channels.

 

 

With the wide spread regeneration in East London, there are many new developments that are catering to the renting population. Providing more than just a home but rather a lifestyle. Here are a few developments to keep your eye on: