As more and more Britons are taking the plunge and renting out their homes, the UK rental market has seen a significant upsurge in recent times.
It has been predicted that the next four to five years will see a fundamental shift occurring in the sector. With restricted mortgage lending due to the high deposit required, research has revealed that 72,000 households have moved into the rental market over the last 2.5 years, a stark contrast with the 40,000 who have taken their first step onto the property ladder.
Savills Estate Agency has calculated that 20% of UK residents will be renting from a private landlord within 5 years, as opposed to only 15% today. In the late 1980s, the figure was only 7.5%.
Commented Yolande Barnes, Director of Savills’ Residential Research, ‘There is a fundamental change going on in the DNA of the housing market’.
UK Rental Market Set to Explode Over The Next Five Years - Remortgage.com