What was the old belief, you just need to be young, female and fall pregnant to secure social housing for life?
Whilst we are sure this demographic is still being ‘looked after’, the trend for easily accessible housing now falls within the private rental sector. As waiting periods and lists for social housing increase, those looking to rent accommodation are finding their needs met promptly by private landlords as opposed to local authorities.
This change in direction is just one of the reasons noted in an article by the Independent newspaper, as to why private rental numbers have overtaken social housing numbers. According to the English Housing Survey 2011/2012, conducted by the Department for Communities & Local Government, 3.84 million rent privately compared to 3.8 million who are reliant on social housing.
The article also cites the following reasons as to why the private rental market is booming:
The first rung of the property ladder is still out of reach for most first time buyers. Hefty deposits for mortgages also add to the difficulty, which is why more and more people are opting to rent property instead.
The number of private landlords has increased. Also buy to let schemes have enabled more developers to get a piece of the private rental market too. Thus providing more rental accommodation to meet the needs of this growing market.
Foreign real estate investors
Foreign investment has also increased. This has opened up the luxury end of the private rental sector in desirable parts of the UK such as London. Areas that might be thought of as too expensive to buy property in are now more viable through renting.
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