10 April 2015

The Rise of the Rental Sector- Part 2

The latest English Housing Survey has confirmed what we already suspected by showing that the private rental sector is on the increase.

The private rental sector accounts for 19% of all tenures, 4.4 million of households, making it the second largest tenure in the UK.  This is up from 18% at the last survey whereas in 2003 the rental sector accounted for only 11% of all tenures.

Social rented property now accounts for 17% of households with home ownership covering 63%.

The report also shows that for the first time homeowners without a mortgage are greater in numbers than those with one with 7.4m owning their homes outright whilst 6.9m used a mortgage.

Finally in 2013-14 almost half (48%) of all households aged 25-34 rented privately, up from 45% in 2012-13. The proportion in this age group living in the private rented sector has more than doubled from 21% in 2003-4. Over the same ten years, owner occupation in this age group dropped from 59% to 36%.

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