July 25, 2011
Private tenancies have soared 55% in the last six years as more and more young people are priced out of the UK housing market, a new survey has found.
Between 2003 and 2010, the number of renters in the UK climbed from 2.15 million to 3.35 million, data from the annual communities and local government department housing survey claims.
During that time, tenants in social housing slipped from 3.67 million compared to 3.92 million, while the private rental sector underwent extensive year-on-year growth.
Experts claim that the influx to the private rental sector has been a direct result of first time buyers being “pummelled” from two different directions - a rise in living expenses such as household bills, and property prices that remain out of reach for many of the today’s younger generation.
On a positive note, the UK's ever-improving rental economy is good news for landlords. And those keen to take advantage of the current boom have been told to enter the market now while rental demand is at its highest level for decades.
