20% of UK homes now rented

20% of UK homes now rented

You can no longer really say that an Englishman’s home is his castle…or any other Brit for that matter. Over recent years, the housing landscape has significantly changed and according to data collected by Eurostat in summer 2016, home ownership levels in the UK have dropped to such an extent that only around 60% of people actually own the property they are living in.

People have increasingly turned to renting because of supply and demand and affordability issues but that’s not the only reason. There has been a general shift in attitude with regards to home ownership in the UK and many people, especially the younger generation, are choosing to rent property because it is close to work, fits in with their lifestyle and allows them more flexibility. This is why so many new builds have shot up recently with the rental market in mind.

Around 46% of people aged between 25 and 34 are now living in rented homes. This compares to just over 20% only twenty years ago. Interestingly there has also been a rise in the number of families with children who have chosen to rent rather than buy over this period of time.

According to figures from the English Housing Survey, which is conducted by the Department of Communities and Local Government, the rental sector across England amounts to 4.5 million homes – double what it was in the 1990s. This equates to 20% of all the properties in the UK now being in the private rented sector.

Who said buy-to-let is dead?