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London renters face years as tenants

Thursday, 27 October 2011 12:39 PM

Eight out of ten renters in London will be unable to afford to buy when their current tenancy comes to an end, according to research commissioned by furniture rental specialist 'Roomservice by CORT'.

More than half of the renters (56 per cent) said they were saving for a deposit to buy a home but only 19 per cent said they would be in a position to do so when their lease expired.

A further 20 per cent of tenants said they would like to be able to save towards a house purchase but could not afford it.

They faced an average rent of £915 per month, the equivalent of 34 per cent of their household income.

Four out of ten tenants had been renting for five years or more and the average time spent renting is now four years and nine months.

However, 31 per cent had tenancy agreements on a rolling monthly basis and another 43 per cent had terms of one year or less.

Roger Hollis, managing director of Roomservice by CORT, said: "The disconnect between those aiming to buy and those in a position to do so suggests a high proportion of reluctant renters in the market who could well be happier with the security of longer-term leases."

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