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Housing Survey Reveals Increase in Private Renting
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
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The rise in private renting is continuing, according to recent figures from the English Housing Survey.
The research indicates that the private rental sector remains the second largest tenure in the country, accounting for 19% of all tenures, or 4.4m households.1
This is an increase from the 18% found in the previous survey. In 2003, private rental households made up only 11% of the total.1
Social rental housing currently accounts for 17%, or 3.9m households in England. Home ownership makes up 63%, or 14.3m of the total.1
For the first time, the amount of owner-occupiers without a mortgage is higher than those with one; 7.4m own their homes outright, and 6.9m have a mortgage.1
The study also found that in 2013-14, around half, 48%, of all households aged 25-34 rented privately, a rise from 45% in 2012-13.1
The percentage of this age group living in the private rental sector has more than doubled from 21% in 2003-4. During the same decade, owner-occupation in this age group fell from 59% to 36%.1
The 2013-14 English Housing Survey can be found here.
1 http://www.propertyindustryeye.com/survey-reveals-rise-rise-private-renting/
