London's booming rental market is now settling down to become a long-term, "first-choice" housing solution for many more people, from young singles and couples to middle-aged downsizers.
Londoners are opting to rent for lifestyle reasons as much as financial ones, just like residents in most other European capitals, where private renting is the dominant tenure.
Corporate-style landlords are emerging to compete with the army of buy-to-let owners, while private developers are changing course and building homes for rent rather than sale, leading to a recent oversupply of properties.
The demand for rented homes has jumped 50 per cent over the past year as aspiring buyers struggle to get on the property ladder and others wait for the slump to run its course
In the background are government moves to improve the quality and professionalism of private landlords. Almost 2.5 million homes in England are being rented from about 500,000 private landlords, according to a government-commissioned independent review.
In London there has been a dramatic increase, not only in the supply but also in the quality of rented homes. The number of high-standard rental properties has been boosted by owners who, unable to sell, have been putting added-value interior touches into their homes.
This is welcome news for tenants. After a hike in rents earlier this year, prices have already fallen back in some parts of the capital where landlords are having to compete for tenants.
