Rental property boom as more people go it alone
A new study* from Cover4LetProperty has revealed that the amount of people living in rented property has increased by 8% since January, with over a third of Brits (40%) living in social or private rented property.
The landlord insurance specialist compared their latest findings with those carried out earlier in January 2014* and also in May last year*, to see if there has been any change in home ownership and renting trends.
They found that:
- 50% of Brits currently enjoy home ownership (with or without a mortgage) - an increase of 10% since January 2014 and 22% since May 2013;
- less people are living with friends and family – just one in ten compared to nearly a third (28%) when previously surveyed in both January 2014 and May 2013;
- the amount of women living in rented accommodation has nearly doubled since January 2014 from 15% to 29% (which is still less than the 52% living in rented property in May 2013);
- there has been a 12% increase (from 43% in January 2014) of men living in rented property (the figure was 37% in May 2013);
- those in the 30-39 age group are most likely to live in rented property – previously the most prolific renters were aged 40-49 in January 2014 and aged 50-59 in May 2013. These figures show a trend for younger renters;
- while previously in May 2013, 91% of 18-29 year old respondents lived with family or friends, this dropped to 40% in January 2014. As at November 2014, this figure has dropped further to 33%;
- 20% of those living with friends and family do not pay rent (down 6% since January 2014 but up from 16% in May 2013).
* Independent studies carried out for Cover4LetProperty November 2014, January 2014 and March 2013 by Usurv
Richard Burgess, MCIM, ACIEH, Director at Cover4LetProperty, telephone: 0845 863 9558 or email: firstname.lastname@example.org
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