Rental Supply Boosted By A Million As Home Ownership Falters

The English Housing Survey from the Department of Communities and Local Government shows that the number of households renting privately has gone up by one million in the last five years.

Helped by the decline in home ownership and social housing, the private rented sector now accounts for 15.6% of all households in England, up from 14.2% in 2008-09 and 11.7% in 2005-06. In 2005-06, there were 2.4 million private rental households, rising to 3.4 million in 2009-10.

The survey also showed a decrease in the number of owner-occupied households from a peak of 14.8 million in 2005-06 to 14.5 million in 2009-10. The proportion of households in owner occupation has been in decline since 2003, falling from 70.9% to 67.4% during the period. The proportion of social renting households is also in decline, falling from 19.5% in 2001 to 17.0% in 2009-10.

Also, half of all private renters are aged under 35 with half a million (15%) aged 16-24 and 1.2 million (35%) aged 25 to 34.

The positive implications for letting agents are clear, with tenant demand outweighing supply in most areas of the UK and strongly buoying up the letting agency industry.

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