Over the last several years there has been a generational change in attitude regarding buying a home and renting. Research suggests that there could be a considerable rise in homes that are available to rent. But will one in five households be renting next year?
According to research in 2018, it was forecasted that by 2022 (next year) that one in five households in the UK will be rented. This is a 1.1% increase on the proportion of homes rented in 2018.
This is thought to be due to a number of factors. For example, the rising house prices creating a larger barrier to enter the housing market. The market is also responding to this foreseen rise. There has been a substantial growth in the Build to Rent sector, in preparation of these increases for 2022.
Research has found that it isn’t just landlords and investors that are bringing homes to the rental market. Inherited homes are often put up for renting, instead of being sold too. The Office for National Statistics found that an average of 200,000 homes change ownership through inheritance each year. Further to this, 16% of all landlords have not purchased the home they are renting. Instead, they have acquired it through inheritance.
Renting has become the more suitable option for a long-term housing need. There don’t seem to be any huge worries about this either. In fact, English Housing completed a survey last year. They found that 46% of tenants aged 25-36 years old were happy to be renting a home.
Homeownership is becoming less common each year. This has resulted in a strong demand in rented homes that will need to be met. Further research predicts that the UK will need at least 6 million rented homes by 2025.
So, what does this mean for you?
If you are looking to rent, then you need to find a reliable landlord now. Going through a letting’s agency, like AGT Property Management and Lettings is a great way to find your perfect rented home. We have a selection of rented properties in Peterborough and surrounding areas. We can help you find the perfect rented home for you and your family.
If you are looking to rent out a property, then call us. Being a landlord is a lot harder than it might look. There are lots of rules and regulations and these are often changing. We can manage your property for you and just send you the rent each month, leaving you to focus on the other parts of your life while knowing your home is in safe hands.