Research carried out by London estate agents Portico has revealed that 61% of tenants living with partners in rental properties in London are confident they will be able to get onto the property ladder soon.
Portico Tenants’ Survey, which polled 700 tenants living in the capital, also found that a further 87% - labelled as The Romantics – said love not money was the primary reason for them moving in with their partner. Just 9% - The Rentomonics – admitted that they moved in together to save money.
The average price of a one-bed rental home in London is, according to Portico, is £1,342 per month, while the average price of a two-bed property is £1,894 per month.
“Our latest Portico Tenants’ Survey shows that the majority of London couples that rent are confident that home ownership is only around the corner,” Robert Nichols, Managing Director of Portico, said. “This is not what we expected to hear, given the usual stories about severe lack of affordability in London and the need for large deposits."
He added: “We also expected to hear stories of couples forced to live together for economic reasons but we’ve been proved wrong again. London is a city of loved-up tenants. Despite house prices being at an all-time high, tenants are still moving in together for love not money, and the majority can see themselves being able to afford to buy a property with their partner in the near future.”