Rental demand 'will remain strong'
The number of people renting a property has risen while the number of homeowners has dropped, according to new government figures.
A report from the Communities and Local Government has revealed the number of households renting privately has risen by around one million since 2001, from 2.1 million to 3.1 million.
Of these, over half (59 per cent) expected to eventually buy a home in the UK, with 24 per cent of private renters expected to purchase within the next two years.
Commenting on the news, Alan Ward, chairman of the Residential Landlords Association, said rental demand is likely to stay strong for the foreseeable future.
As a result, Britons may wish to get their skates on and look for flats to rent in Shoreditch or another part of London before the property is snapped up.
"The availability of mortgages and the level of deposits required - not less than 20 per cent - means first time buyers remain renting for longer," Mr Ward explained.
Written by Martyn Glynn
Published 25th February, 2010
© 2010 Estates IT Limited
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