One in four households will be renting privately by end of 2021

Tue, 13 Jun 2017

One in four households will be renting privately by end of 2021
Nearly a quarter of UK households will be renting privately by the end of 2021, according to a new report, with stagnant wages and mounting house prices to blame.

Estate agency Knight Frank commissioned a YouGov survey of more than 10,000 tenants, and also spoke to 26 major investors, as part of its latest annual report.

The report estimates that 5.79 million households will rent from a private landlord by 2021, up from the five million currently renting privately. This represents 21 per cent of the total households in the UK, and 25 per cent of those renting privately are families with children.

Knight and Frank also predict there to be 14.3 million owner occupiers, and 4.3 million social tenants, by 2021.

68 per cent of renters said they expect to still be living in rented accommodation in three years. A significant number of tenants rent because they are trying to save money for a deposit on a house, but one third of those surveyed said they were renting through choice.

Out of these people, the most popular reasons for renting were flexibility and the reduced responsibility. The biggest consideration among tenants was rent affordability, followed by location.

One fifth responded that they rented because it allowed them to live in an area where they could not afford to buy a home. The most recent property price survey from Halifax found the average UK flat or house price to be £220,706, which is too expensive for many young people.

Tim Hyatt, head of residential lettings at Knight Frank, said: "The number of people renting out of choice rather than due to affordability of ownership constraints is an interesting indicator of how the private rented sector market will continue to thrive in terms of tenant demand."
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete ourmortgage enquiry form below.

Mortgage, Remortgage or Buy-to-Let Mortgage Enquiry Form

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.




mths

Your Details

Home Buyer Guides

Home Buyer News

Speak with an independant mortgage specialist

About Company

HomeBuyService.co.uk is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy
FAQ
Sitemap

Get in Touch