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One in five of us live in the Private Rented Sector, according to the Government’s latest English Housing Survey.
Although 60% of those surveyed stated their intention was to ultimately buy, this figure has dramatically increased since 1996/7, with the majority staying in rented accommodation for 3.9 years before realising their dream of owning a home of their own.
Commenting on the survey’s findings, Andrew Luxton MRICS FARLA, Partner in charge of Stags Residential Lettings department, states, “The Government needs to recognise the important part the Private Rented Sector plays in providing accommodation that the social rental sector is unable to fulfil. There are currently calls for longer tenancies but it must be noted that this would ignore the need for short term tenancies, which younger age groups (16-24 year olds) and students prefer.” This also applies to young professionals (25-34 year olds), which make up 46% of the 4.7 million rented households in England.
Andrew Luxton adds, “With an increasing proportion of retirees now renting on a permanent basis, this is a sector that encompasses all age groups.”
If you are considering entering into the Private Rented Sector either as a tenant or a landlord, please do not hesitate to contact a member of our dedicated Lettings department.