The amount of properties being rented in the UK has risen by 13% in Q3 of 2013 compared to the same quarter last year.
Over the last 3 years the amount of properties being rented has risen by 42%. This is a massive growth compared to the amount of properties coming onto the market for sale which has only risen by 10% over the same 3 year period.
Jonathan Westley, managing director of Consumer Information Services at Experian UK & Ireland, said: “Significant growth in the rental market could be a sign of the on-going struggle to get onto the home ownership ladder, but it is also consistent with the pickup in buy-to-let activity over the past year. With that in mind, the continuing increase of properties for sale at the top end of the market may be driven by interest from both buy-to-let investors, as well as foreign investors.
“Our analysis suggests greater choice for first time buyers, so it will be interesting to see what our data reveals in the coming months as the Government’s Help to Buy scheme gets going. As we await the impact on the property market, this insight is vital for lenders wanting to understand better the pressures or changes impacting their customers.”
What does this mean for landlords?
With more people seeing renting as a long term solution, the opportunities for landlords and tenants alike are great. Why might this be? Read our previous blog on renting becoming a long term solution here. With such a high demand for rented property at the moment, now really is the time to invest whether you are a first time or portfolio holding landlord.
For those wanting to rent, now is also a great time. With more landlords taking the opportunity to invest in property, there is a great choice of property for those wanting to rent. See our current properties to rent here.