Rental properties in the UK
are on the increase proving that Britain is seeing the value of
renting versus buying. Last year saw figures of 692,766 (9.14% up
on previous year) rental properties and 769,077 (1.54% down on
previous year) secondhand for sale properties on the market.
A significant increase in the rental properties
and perhaps signs of a trend set to continue.
A new rental class
Gone are the days that 'renting' is seen as a poor man's
existence; in fact, these days renting has actually created a class
of person, all on it's own in the UK.
Tenants are demanding more from their letting agents and
landlords to give them the quality of service they
deserve for their monthly rental payments.
Landlord's are having to look at a higher spec of fixtures and
fittings and with the digital age, those who embrace the many new
services like digital TV, radio, broadband and music on demand,
amongst other technologies are bound to gain a longer term let with
a satisfied tenant.
Nation of renters
With the difficulty an individual or couple now faces of raising
extortionate deposits to get on the property ladder, Britain looks
set to join other European countries in the more popular,
economical and carefree rental market as the favoured choice for UK
According to Savills, one in five households might be renting by
2016 which is extremely good news for letting
agents and landlords looking to broaden
their horizons and increase their returns. This prediction will
take investment, however, with likely over one million extra rental
homes required nationwide to satisfy the demand. Savills also
reported that renters in the UK paid in and around £45bn in rent to
private landlords last year, with this set to rise to £70bn within
five years, going on the predicted trends.
Director of Savills residential research, Lucian Cook, said:
"Meeting the growing demand for private renting
and the changing profile of tenant demand are perhaps the greatest
challenges facing both the housing industry and policy makers."
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Source - Experian and Letting Agent Today