Sue Foxley, Head of Research at Cluttons, said:
“There is evidence especially in the family friendly areas such as Clapham that families are deciding to stay in London when they have children to take advantage of good schools and the city lifestyle on offer. Couples are keen to sign up for two to three year leases often in school catchment areas and then remain renting close by for a longer period.
“Traditionally couples have moved out of London to buy a property when they start a family, but there has been a significant change in attitudes in recent years and people no longer see renting as only a short term solution. Landlords are able to charge a premium for the best located properties near to schools and families are prepared to pay. Contrary to popular belief, landlords love families and if they have a three to five bedroom property to rent they are likely to prefer a family tenant over other options. Families are more likely to make the house their long-term home and treat it as such.
“Renting offers flexibility to this group who may be relocated through work, often abroad, at a later date so they are opting to renew tenancies until this happens instead of traditional home ownership in a secondary location, which comes with a daily commute.
“London is a great place to bring up children, with world class schools, parks and outside spaces as well as endless cultural experiences at the capital’s museums and galleries, many of which are free.”