Generation Z fancy a life in London. Who knew?
Thousands of graduates across the UK will move to London this month in the hope of embarking on a successful career, despite the extortionate rents and living costs associated with living in the capital.
Research quoted in Landlord Today claims that despite high costs and Brexit, London has been ranked the number one city in the world for Generation Z – individuals born between 1996 and 2010 – who are about to enter the workforce and bring with them completely different priorities, values and needs. This will add to high demand for rental accommodation in the city; an attractive proposition for buy-to-landlords in the capital.
The research by Nestpick, an on-demand housing platform, looked at the best international cities that support Generation Z’s values and vision by using data relating to advocacy, digitalisation, livability, and business opportunities, with London ranking number one out of 110 for Generation Z worldwide.
“We’ve long considered London is the world’s capital city,” says Zah Azeem, Partner at Scrivener Tibbatts.
“The challenge for Generation Z is where to live. If they’re not supported by the Bank of Mum and Dad (see our previous article here), renting’s a possibility. But with monthly rents being at least £1,250 a month, they’d need a starting salary of around £22,000 to make that affordable.”
If you would like to discuss this or something related to a valuation please contact Zah@scrivenertibbatts.co.uk or call us on 020 8947 7040.