Here at the Experience Invest blog, we strive to keep you up-to-date with the latest UK property news, commentary and analysis. Our team has recently seen figures which suggest that the UK’s rental sector is becoming an increasingly attractive living option for people across the country.
Rise of renting
In our last blog, we reported on the launch of Reinventing Renting, a scheme which is designed to help landlords develop a successful enterprise. Strong demand for a dwindling supply of residential property has boosted the UK’s rental market. Earlier this year, accountants PricewaterhouseCoopers conducted a study which suggested that more people will rent a home by 2025, than own one. The accountancy firm found that 1.8 million additional households will become private renters by the close of the next decade.
A new survey commissioned by Paragon Mortgages, a leading provider of mortgages to UK landlords, has found that renting is becoming a more attractive lifestyle choice. The poll showed that 81% of tenants now say they’re satisfied with their landlords, while 66% admit that their rented home provides ‘good’ or even ‘very good’ value for money.
A high percentage (of those surveyed) of UK tenants now consider private rented accommodation to be their home. Property Wire reported that the study further found that landlords reported a 41% rise in tenant demand in the third quarter of 2015, and that on average, people are now spending 12 years living in a rented residential property.
Increasingly attractive option
Speaking on the release of the survey’s results, John Heron, director of mortgages at Paragon, said: “The message coming through in this survey is that, for many people, the private rented sector is an increasingly attractive option over the long term.”
He went on to note: “This in many ways reflects the ongoing issue of affordability in the housing market, simultaneously however, competition and best practice are driving higher standards in the sector, making it a more attractive proposition for both individuals and families.”
Commenting further, Heron said: “This data underscores the value of the PRS (private rented sector) to the UK’s housing market. The UK’s PRS still has some way to go to before it catches up with its counterparts in Europe, but higher tenant satisfaction with both standards and affordability, show that there is room for increased growth in this sector.”
About Experience Invest
Experience Invest is a London-based independent property company specialising in residential investments, student property and care home investments. The company works with clients across the UK and internationally, and is regularly featured in the property news – see The Telegraph, on Yahoo Finance, and by Reuters for examples of recent articles.
Experience Invest recently announced the launch of One Wolstenholme Square, a brand new residential development in the heart of Liverpool. If you are interested in finding out more about this exciting residential investment opportunity or would like to explore our full selection of buy-to-let opportunities please visit the website for full details.