So when did renting become so respectable?
Dubbed 'generation rent' by property journalists, a swathe of people who found themselves as tenants were portrayed as 'trapped' movers priced out of home ownership due to an inclement mortgage market and rising house prices. However, tenants began to consciously choose rented accommodation and a new 'lifestyle tenant' was born.
With comparatively small deposits involved, no stamp duty or mortgage arrangement fees and tenancy agreements of 12 months or less, renting grants freedom and flexibility - a way of life that suits London's young professionals. Renting allows people to relocate for work, take sabbaticals to travel and try out new areas before deciding where to put down roots.
Far from a derogatory term, 'generation rent' is now a fluid movement of people either choosing flats to rent in London as a short term measure or on a more permanent basis. Demand for rental property is rising, report Winkworth London letting agents. One source says prospective tenants were outstripping supply, and this is especially true in the capital, where flats to rent in London are often snapped up before they are advertised online.
In response, developers who have traditional built for owner occupiers are now building developments purely for tenants under a scheme called 'Build to Rent. These house builders and newly-formed private rental developers also believe the profile of London renters is changing, with working professionals, families and long-term tenants joining the more transient stop-gap renters.
Winkworth London letting agents (http://www.winkworth.co.uk/