The continued rise of private renting has been revealed in the latest English Housing Survey.
It shows that the private rented sector remains the second largest tenure in England, responsible for 19% of all tenures – or 4.4m households. This is up from 18% in the last survey. In 2003, private rented households accounted for just 11% of the total. Social rented housing now accounts for 17% (3.9m) of households.
Home ownership accounts for 63% (14.3m) of the total. For the first time, the number of owner occupiers without a mortgage is bigger than those with one – with 7.4m owning outright and 6.9m buying with a mortgage.
The survey also shows that in 2013-14 almost half (48%) of all households aged 25-34 rented privately, up from 45% in 2012-13.
The proportion in this age group living in the private rented sector has more than doubled from 21% in 2003-4. Over the same ten years, owner occupation in this age group dropped from 59% to 36%.
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Source: Property Industry Eye, Written by Rosalind Renshaw, 26th February 2015
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