Private rentals set to overtake social housing
- 22nd February 2012
- Landlord Property News
Report also finds private tenants are more satisfied with their homes than those in social housing.
The English Housing Survey says that private tenants are more satisfied with their homes than those in social housing.
One in five households could be renting their homes privately by the end of the decade, according to the report. It also suggests that by 2013 the private rental sector could overtake social renters for the first time.
Stephen Ludlow, Chairman of ludlowthompson, comments: “Buy-to-let landlords have been instrumental in bringing new, high quality housing stock to the rental market over the last 20 years.
“The growth of the private rental sector has been crucial in providing good quality homes to potential first time buyers who have been locked out of the housing market by insufficient mortgage availability.”
According to the report, for the first time in a century the relative size of the owner occupied sector has declined and the private rented sector has significantly increased.
Says Stephen Ludlow: “The gap between the owner occupied market and the private rental sector is shrinking. That’s partly driven by difficulty some first time buyers are having in getting on to the property ladder.
“However, rather than being seen as a last resort, many people are choosing to rent rather than buy because it offers more flexibility, greater choice and the possibility of living in a bigger or better located home than would otherwise be possible.”
Buy-to-let landlords have been instrumental in bringing new, high quality housing stock to the rental market over the last 20 years.