14 Jan

Strong year for private rental sector predicted

Strong year for private rental sector predicted

Landlords and letting agents in the private rental sector may be pleased to hear that the sector is expected to grow in 2014, according to new research.

The UK is moving towards a culture of renting, similar to the trend which is often found in mainland Europe and the US, according to Belvoir Lettings.

Reports from the firm suggest that around 15 per cent of all UK homes (3.2 million) are now a part of the private rented sector.

What’s more, some estimates from the government have predicted a rise of 33 per cent in the market over the course of the next eight years. If such a forecast held true it would mean that by 2021 private rented property would account for 20 per cent of all UK homes.

These figures come at the end of a positive 2013 for landlords, many of whom thought that schemes like the government’s Help to Buy would have a serious impact on their income.

However, despite the amount of first time buyers rising by 22 per cent in 2013, the private rental sector has remained strong for landlords and looks set to continue in this fashion well into the new year and potentially beyond.ADNFCR-1222-ID-801681868-ADNFCR

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