4.4 million households are privately rented
Here at Ascend, we like to keep you up to date with the latest property news and something we monitor closely is the English Housing Survey. For those who are unfamiliar, the survey is compiled from government data and is recognised throughout the industry as an independent and trusted source of statistics and current trends.
The recent headline report shows some interesting insights into the private rented sector (PRS) and highlights how many of us in the UK are changing the way we live. Through this research, we can see what is changing within the housing sector and maybe evaluate the reasons why.
Some of the facts below can help shed some light on the UK’s current housing market:
• Currently, 4.4million of all UK households are privately rented, that’s almost 20% of the whole market. In 2003, privately rented houses accounted for just 11%. This alone demonstrates the growth and strength of the rental market over the past decade or so. Aside from the barriers that many aspiring homeowners face, renting is fast becoming the preferred option for young professionals.
• Between 2013 and 2014, 372,000 new households formed – 240,000 of which were privately rented. That’s over 64%! Rented properties are in demand.
• 61% of private tenants (2.5 million) expect to buy a property at some point in the future. This tells us that whilst renting privately is an easily accessible and affordable way of having your own space, home ownership is still part of the big plan for most people.
• In 2013-14 almost half (48%) of all households aged 25-34 chose to rent their property privately, demonstrating the growth of the number of young couples and professionals in the rental market. This figure increased from 45% in 2012. The number of people in this age group in the private rented sector has more than doubled from 21% in 2003-04.
Today’s younger generation may choose to rent rather than buy for a number of reasons. Many students and young professionals are attracted to that city centre buzz and also the freedom and flexibility of renting. It’s also the more affordable option for most.
Private renting is on the increase. Not just because the survey tells us, but also because we see it day-in and day-out here at Ascend. Rental properties are high in demand, from tenants wanting a city centre apartment right in the thick of it, to families looking for a quieter life a bit further afield.
If you’re considering renting a property, or even buying your own, speak to one of our team today. Call us on 0161 637 8336, or take a look at our properties online.