The UK’s rental market has gone from strength to strength in recent years as demand for a house to rent is ever increasing. More than 8.5 million people in England now rent, and that number is constantly growing. In turn the number of people who own their own property has reached its lowest point in many years and it seems we are now ‘Generation Rent’.
New figures from the Office for National Statistics show a record number of people now forced to rent as levels of home ownership have slumped to just 64 per cent, its lowest levels since the mid-1980s when Margaret Thatcher declared her ambition to see more people able to buy a house.
Experts put it down to first-time buyers struggling to get on the ladder as soaring prices have far outpaced incomes. The Office for National Statistics say high house prices, low wage growth and tighter rules imposed by lenders are to blame for the number of people living in and looking for a house to rent.
As a prospective tenant you must realise that renting holds many benefits
Renting allows you to choose where you like to live and lets you move freely. In most cases you can break a rental contract after 6 months, allowing you to move to a new location or type of house. Or if you are hoping to buy in the future it provides you with the chance to test out a new location before you commit to buying in the area.
In addition as a renter/ tenant you are not going to fall foul of any housing market related conditions. You will of course have to pay rent but you’re not tied into monthly mortgage repayments and therefore cannot fall into negative equity.
Another thing we find that our tenants enjoy, is not being responsible for the maintenance of the property, therefore as a renter there are no costs to pay for decoration or upkeep.