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Renting to become norm for millions of young families, says report
11th June 2012
A new report has predicted that the UK's stagnant economy and barriers to getting a foot on the housing ladder means that millions more people will turn to the private rented sector over the coming years.
Carried out by researchers at the University of Cambridge, the report predicts that should Britain’s economy remain in its current weakened state the proportion of households owning with a mortgage will decrease to 27 per cent by 2025, down from a peak of 43 per cent in the early 90s.
Meanwhile, the number of people renting accommodation privately will continue to expand, rising from seven per cent in 1994 to 22 per cent by 2025 said the report, which was commissioned by the Resolution Foundation and the housing and homeless charity Shelter.
Furthermore, the country is also set to see a growing shift in the types of people likely to rent rather than buy a property, with more families with children likely to be renting over the coming years than ever before.
The report claims that the past five years have seen a massive 86 per cent increase in families with children renting their homes, growth it says looks set to continue, particularly in London where renting will overtake mortgaged homeownership by 2020.
This could see landlords need to diversify their portfolios, taking on more properties that are suitable for families.
It could also place greater focus on the quality of rental stock and the services provided by landlords.
"This report is further evidence of the urgent need for more and better quality rented accommodation that meets the needs of families with children," said Vidhya Alakeson, director of research at the Resolution Foundation.
One of the key ways landlords can make sure they meet the needs of their tenants, be they young families or single professionals, is by responding quickly to emergencies such as boiler breakdowns, blocked drains or a burst pipe.
Taking out landlords emergency insurance could be an ideal way to do this, ensuring that a professional tradesman will be dispatched as quickly as possible to deal with such situations when they arise.
Posted by Megan Statham