Since 1985 the amount of people renting from private landlords has risen from 9% to 22% according to This is Money1. Renting a property was once viewed as a temporary measure for people looking to move out from home whilst saving enough money to buy their first property.
Back in 1985 it was a natural presumption that most of us would own a property by the time we retire, but this is no longer true for a large amount of people who are 50 plus, nearly half the renters in the UK are aged 46 and over according to a new report2. This shift has been attributed to the rise in divorce in later life, because after a split there isn’t enough money left over from their estate to buy two separate properties.
However unlike the younger generation most mature renters are happy to continue to rent their home - 46% of people according to Your Move, with just 19% looking to get back onto the property ladder. 80% of younger people between the ages of 18-25 still aspire to buy their own home, with only 25% of tenants happy to continue renting.
The demand for good quality rental properties and the need for private landlords continues to grow – with Your Move predicting that their will be a rise in people renting from 4.5 million now to 6 million over the coming years.
If you are thinking of buying your first rental home and would like to find out more information why not get in touch with our team of ARLA registered agents on 01279 655248 or pop in for a coffee and a chat.
• Intercounty is trusted by over 2,900 Landlords to collect nearly £4.2 million* of their rent for them.
*Figures based on available system collected from 4th Quarter 2015
1. This is money: http://www.thisismoney.co.uk/money/mortgageshome/article-3260218/Number-households-renting-private-landlords-hits-30-year-high-home-ownership-drops-levels-seen-1985.html