Over the past ten years, the number of rental properties in the UK has increased by more than 1.1 million. This places the United Kingdom in the top ten concerning a balance between renting and homeownership.
In 2012, there were 27.5m homes in the UK property market, with 9.4m rental properties. At this time, the rental market accounted for 34.2% of the property in the UK.
In 2022, there are now 29.5m homes in the UK, an increase of 7.5% in the past decade.
There has been an increase in rental properties, standing at more than 10.5m. The growth of this sector has been 12.2%, and the rental market now represents 35.7% of the UK property market.
While the UK’s balance between homeownership and renting still sits behind nations like Switzerland, Hong Kong, Germany, Austria, Turkey, South Korea, Denmark, Japan and France, there is no denying renting is more important now in the UK.
There is high demand for rental property in the UK
This is positive news for landlords, as it suggests that demand for rental property isn’t going any time soon. If you need convincing over the merits of the UK rental market, take confidence in its growing importance.
Also, if you need guidance on the local property market, we are more than happy to help. At Just Lets Peterborough, we help local landlords, and we look forward to assisting you as best we can.
Jack Godby, Head of Sales and Marketing at Ocasa, who studied this market, commented: “Not only has the high cost of homeownership forced many to remain within the rental sector until far later in life, but we’re starting to see a generational change whereby the freedom and convenience that renting provides is becoming the preferred method of living for many. You need only look at the changing face of the property market for proof of this shift, with the rental sector increasing at a greater rate when compared to other dwelling types over the last decade.”
Jack Godby also said; “We’ve also seen a clear acceptance of this trend from the industry itself, with the emergence of the build-to-rent sector focussing solely on the delivery of better rental homes for tenants to occupy on a far longer-term basis. This is a change that is only going to grow more prominent in the future and we expect renting to become the norm for many more people until far later in life than we’ve traditionally seen in the UK.”
Just Lets – Here to Help
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
The team at Just Lets Peterborough continue to operate remotely to ensure we can continue to serve you and your tenants throughout this covid period and beyond. Please contact us through our usual channels – email us at peterborough@justlets.com or call us today on 01733 346255.
