Private Rentals Continue to Flourish

Levels of UK Home ownership are still falling whilst the numbers of people in the UK in rented accommodation is becoming correspondingly higher.

According to the latest English Housing Survey, 65% of the England’s 22 million households are owner-occupied, 17%  are socially housing whilst the remainding 17% are privately rented. And according to the survey there has actually been a drop in the overall number of owner-occupied properties since 2005. Over the same period, the number of privately rented properties has increased by more than 50% to 3.8 million.

Of particular interest is the amount of income for those in each housing category, and the proportion of that income that is spent on mortgage and rental costs. The average mortgage payment for owner-occupiers is £611 per month whilst social tenants paid £83 a week on rent. But the highest amount for accommodation is paid by private tenants who cough up an average monthly rental bill of more than £710.

Of interest for those that own and let their property to tenants is the situation with tenancy deposits. 70% of tenants had their deposits returned, 17% received part of their deposit back and 13% had no right to any of their money back. And one particularly interesting statistic for landlords. When asked why tenancies had ended, more than 80% ended at the behest of the tenant, 10% ended by mutual agreement, and 9% of households were requested to leave by their landlord.