27 Oct

Buy to let owners see rise in tenant demand

Buy to let owners see rise in tenant demand

Buy to let owners saw an increase in demand from tenants between 2003 and 2008-09, a new report has shown.

The Department for Communities and Local Government's English Housing Survey Household Report 2008-09 was published today (October 27th 2010), revealing a big change in the rental markets over the last few years.

It showed that the number of households in England had risen from 20.2 million in 1999 to 21.5 million in 2008-09.

Of this figure, 14.2 per cent were private renters - an increase from 10.2 per cent since 2003, when the number of household owners reached a peak.

The report revealed that the average weekly rent for buy to let properties was £153 in the private sector, with 61 per cent of household tenants working full-time to meet these payments.

Demand for buy to let properties looks set to stay strong as analyst Malcolm Harrison recently said that cuts in social housing allowances are likely to force tenants to the private rental market.ADNFCR-1222-ID-800161271-ADNFCR

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