‘Rental Britain’ here to stay
Renting is set to become a “way of life” for many young families in Britain, independent.co.uk reports.
Recent buoyancy in the lettings market is showing no signs of slowing, with mortgage finance still out of reach for many youngsters and families in the UK. This trend looks set to continue for some years, with a new study by researchers from Cambridge University suggesting that it could remain unchanged for another decade.
The study, commissioned by Shelter and the Resolution Foundation, claims that the number of tenants in private rented accommodation could rise to 22 per cent by 2025. As this continues, the number of households with a mortgage will fall to 27 per cent. This figure was at 43 per cent in the early nineties and is currently 35 per cent.
Most prolific is the rise in young families looking to letting agents for rented accommodation. In the last five years the number of young families renting a property rose by 86 per cent. This rise, the report suggests, will show no sign of slowing over the coming years.
“The report shows what is fast becoming the new reality of our housing market in the current economic climate: home ownership continuing to fall while renting becomes a way of life,” Shelter’s chief executive, Campbell Robb, told guardian.co.uk.
“Yet despite the growing pressure on the rental market, the government’s recent housing strategy virtually ignored the sector and did little to address the issues of affordability, stability and quality that so many renters face. It’s time government woke up to the fact that ‘rental Britain’ is here to stay.”