Rented properties account for nearly half of Newham homes
A significant 28% of dwellings in London are privately rented, according to the English Housing Survey – with the capital having a higher proportion of privately renting tenants than any other English region.
In Newham it rises to a massive 45% – a figure that has jumped rapidly from 23% in 2009.
Compared to the rest of the UK, landlords with properties in London have higher disposable incomes, according to a survey by the Council of Mortgage Lenders (CML).
It found that about 50% of landlords in the capital report at least £1,000 of monthly disposable income, compared to just a third outside the capital.
They are more 27% likely to be full-time workers, and typically become landlords at a younger age.
The average age of first-time landlords in London is 42, compared to 47 outside the capital.
Types of property
When it comes to types of property owned, London landlords are more likely to let out flats and less likely to be letting houses, said the CML.
In London, 79% of landlords own flats to let, while 47% have houses of some type (including bungalows). In the rest of the country, just 40% of landlords rent flats, while 84% rent houses.
Landlords in London are more likely to have purchased with a mortgage, with only 15% having purchased at least one rental property with cash. This rises to 23% outside of London.
Like landlords elsewhere, about three-quarters of London landlords don’t plan to change the number of units in their portfolio size over the next five years. However, of those who do plan to change the size of their portfolio, London landlords were more likely to plan to buy more properties (13%) than sell properties (9%).
Outside London, 8% plan to expand their portfolio, while 15% hope to reduce it.