Generation Renters, a new phenomenon?
The average young family in London has only £347 left a year after essential spending and mortgage payments. New research from Hampton’s International has revealed that it has become 77% harder to buy a house in London since 2010 creating what is known as a new generation referred to as generation renters, although elsewhere in the country property has become more affordable. Furthermore, “Current predictions suggest that property prices in London may increase 30% in the next five years.” The Guardian (2015).
Competition for suitable homes will inevitably become fiercer for the younger generation at the bottom of the property ladder. First time buyers are up against buy-to-let investors who have average deposits of £100,000. Low interest rates have meant that people are making little money from their savings while those with money in property have seen far larger returns.
Generation Renters
Due to such great competition within the property market, younger generations are more open to renting. Not everyone can be a homeowner, and private landlords fulfil a definite need.
Labour plans to bar private landlords from raising rents faster than inflation over a three-year period if it wins power after the General Election. Party leader Ed Miliband defined Labour’s blueprint as a “plan for a stable, decent, prosperous private rental market where landlords and tenants can succeed together”
Arthur property management software provides the added ability to invite your tenants, contractors, letting agents and owners to your account and gives them access via their own unique web and mobile interface. You will inevitably increase transparency and efficiency within your organisation and reduce management workload. At Arthur, we believe relationships between landlords and tenants should be harmonious and trustworthy. Here are some of the features that allow both landlords and tenants to communicate effectively:
- The ability to allow invited tenants to acquire an overview of their tenancy including dates, rental amounts, bank details of where the rent is to be paid, deposit details and property manager details.
- Carry out your financial management and share in real time your tenant statements, contractor statements and property owner statements.
- From a tenant welcome email to notifying council tax, Arthur will carry out many of your day to day tasks by ticking a box.
- Our Dedicated Mobile App allows Smart phone and Tablet users to access Arthur web app`s from any device and our new hybrid app`s are available through the Android and Apple stores.
