UK growing as nation of renters

As home ownership follows a downward trend, there has been rapid growth in residential lettings with the UK edging closer to its European neighbours by becoming a nation of ‘renters’ says Dorian Gonsalves, CEO of Belvoir Lettings.

There has been rapid growth in residential lettings with over 15% of all UK homes (3.2m) now in the Private Rented Sector (PRS).
Some Government estimates predict a further rise of 33% in the residential market over the next eight years-taking private rented property to 20% of all UK homes by 2021.

“Over the past year the PRS has remained on a firm footing and despite Government ‘pump priming’ initiatives such as the ‘Help to Buy’ scheme, there has been no real impact on the continued demand for rental property,” says Mr Gonsalves.

“Belvoir predict that in 2014, the number of people choosing to rent will continue to drive up demand. There are real indications of a recovery in the housing market with property prices predicted to rise, along with a projected 25% increase in Buy to Let (BTL) mortgage lending. With this we expect to see the re-emergence of more and more investment minded landlords looking to capitalise on this trend.”

“We now anticipate that over the next few years, new rented housing stock will come from different directions, partially from institutional investors returning to the market to provide much needed funding,” says Mr Gonsalves.

Taylors Residential Lettings Limited, Company no. 6002742, Regd Office: Suite 1, Invicta Business Centre, Monument Way, Ashford TN24 0HB