The perception of renting in the UK is changing. 3.4 million households now class the Private Rented Sector as home which is an increase of 1.4 million since 2001. Private renting is the only growing tenure type, both owner-occupation and social housing have been in decline for the past ten years. It is estimated that more than one in five households will rent privately by the year 2020.
Long term demand for the PRS is forecast to rise, fuelled by major socio-economic factors. The PRS is a popular choice with transient sectors of our population, including students, economic migrants and those relocating for employment reasons. The current economic environment is placing severe pressure on the PRS, with rising levels of tenant demand outstripping the number of properties available for rent.
The revitalisation of the PRS has been stimulated by the availability of buy to let finance. The flow of capital into this sector has helped drive up both standards and choice for tenants. Buy to let is a sector in recovery and demand for property from investors remains high. The key to the continued growth of the PRS is the availability of finance for landlords in the form of buy to let mortgages.
College and County have been advising landlords on their property investment in Oxford, by encouraging them to continue to invest in their current properties and also assisting in new property acquisitions. Our landlords appreciate that there is someone available to guide them through the regulations and we recognise that they operate the properties as a business and have a wide range of expertise in the market.