The rise of urban renters

Contact Us


Houses

A new report called ‘Housing Futures: Urban Renters’ examines the growing number of people who prefer to rent rather than own their own home because they enjoy the flexibility of renting.

Covered in a November 2016 LettingAgentToday.co.uk article, the report found that 9% of people living in Greater London prefer to rent rather than own property. The private rented sector has experienced 82% growth over the past 10 years and is larger than the social housing sector.

Last year, a report by the Halifax found that between 2012 and 2015, there was an increase of 3% in people aged between 20 and 45 who did not want to own a home. Most of these people are living in rented accommodation.

One of the authors of the Urban Renters report, Stephanie McMahon, said:

“While the aspiration to own is still a key motivation for the majority of households, a preference for renting is starting to surface, with nine per cent of respondents in Greater London preferring to rent [over owning]. We seem to be on the brink of becoming a rental nation.”

The Bank of England (BofE) is in the process of questioning UK lenders on buy-to-let commercial mortgages. This has led to speculation that the BofE wants to restrict buy to let lending by making it more difficult to obtain a commercial mortgage, which could result in a scarcity of rented properties to meet the demand. An expected increase in build-to-rent developments by builders and developers may help this shortfall.

The rise of urban renters

Find exactly the right mortgage for you with a free mortgage consultation

[bsf-info-box icon="Defaults-check" icon_size="32" icon_color="#ffffff" title="Free initial consultation"][/bsf-info-box][bsf-info-box icon="Defaults-check" icon_size="32" icon_color="#ffffff" title="No obligation" el_class="white"][/bsf-info-box]

[fc id='3'][/fc]

A new report called ‘Housing Futures: Urban Renters’ examines the growing number of people who prefer to rent rather than own their own home because they enjoy the flexibility of renting.

Covered in a November 2016 LettingAgentToday.co.uk article, the report found that 9% of people living in Greater London prefer to rent rather than own property. The private rented sector has experienced 82% growth over the past 10 years and is larger than the social housing sector.

Last year, a report by the Halifax found that between 2012 and 2015, there was an increase of 3% in people aged between 20 and 45 who did not want to own a home. Most of these people are living in rented accommodation.

One of the authors of the Urban Renters report, Stephanie McMahon, said:

“While the aspiration to own is still a key motivation for the majority of households, a preference for renting is starting to surface, with nine per cent of respondents in Greater London preferring to rent [over owning]. We seem to be on the brink of becoming a rental nation.”

The Bank of England (BofE) is in the process of questioning UK lenders on buy-to-let commercial mortgages. This has led to speculation that the BofE wants to restrict buy to let lending by making it more difficult to obtain a commercial mortgage, which could result in a scarcity of rented properties to meet the demand. An expected increase in build-to-rent developments by builders and developers may help this shortfall.

[templatera id="5896"][interactive_banner_2 banner_title="Mortgages" banner_image="id^6029|url^https://ascotmortgages.co.uk/wp-content/uploads/2019/09/m1.jpg|caption^null|alt^null|title^m1|description^null" banner_link="url:https%3A%2F%2Fascotmortgages.co.uk%2Fmortgages%2F|title:Mortgages||" banner_style="style2" el_class="lifebanners" image_opacity="1" image_opacity_on_hover="1"][interactive_banner_2 banner_title="Bridging Finance" banner_image="id^6027|url^https://ascotmortgages.co.uk/wp-content/uploads/2019/09/b3.jpg|caption^null|alt^null|title^null|description^null" banner_link="url:https%3A%2F%2Fascotmortgages.co.uk%2Fbridging-finance%2F|title:Bridging%20Finance||" banner_style="style2" el_class="lifebanners" image_opacity="1" image_opacity_on_hover="1"][interactive_banner_2 banner_title="Equity Release" banner_image="id^6030|url^https://ascotmortgages.co.uk/wp-content/uploads/2019/09/m2.jpg|caption^null|alt^null|title^m2|description^null" banner_link="url:https%3A%2F%2Fascotmortgages.co.uk%2Fequity-release%2F|title:Equity%20Release%20||" banner_style="style2" el_class="lifebanners" image_opacity="1" image_opacity_on_hover="1"][interactive_banner_2 banner_title="Life Insurance" banner_image="id^6028|url^https://ascotmortgages.co.uk/wp-content/uploads/2019/09/b4.jpg|caption^null|alt^null|title^ |description^null" banner_link="url:https%3A%2F%2Fascotmortgages.co.uk%2Finsurance%2Fmortgage-life-insurance-cover%2F|title:Life%20Insurance||" banner_style="style2" el_class="lifebanners" image_opacity="1" image_opacity_on_hover="1"][interactive_banner_2 banner_title="Test" banner_image="id^6671|url^https://ascotmortgages.co.uk/wp-content/uploads/2019/09/er.jpg|caption^null|alt^null|title^null|description^null" banner_link="url:%23|title:Test||" banner_style="style2" el_class="lifebanners hide" image_opacity="1" image_opacity_on_hover="1"]

Contact Us