If you're aged between 30 and 44, you're more likely to be living in the Private Rental Sector (PRS) than ever before. However, data also shows that the average monthly rent in the UK, has declined. Recent research highlights that most age groups are now more likely to live in PRS accommodation than 20, or even 10 years ago. And while rents have been rising over the past few years, the latest figures suggest a mild reversal of that trend.
New research has some good news for the UK's army of tenants, as the cost of renting calculated as a proportion of average incomes has fallen between 2019 and 2016. Given that rents have actually been on the rise during much of that period, the findings of the research from the Deposit Protection Service, (DPS) might come as a bit of a surprise.
Average UK rents rose in 2019, as a lack of available properties to satisfy tenant demand pushed them higher. Ongoing Brexit and political uncertainty combined with changing regulations worked to weigh on investor demand for property. However, while tenants will likely face higher rents for some months, research suggests there are signs that Buy-To-Let (BTL) investors are now showing interest in investing anew in the sector.
If you’re looking for a rental home in Newport Wales, you might struggle to find what you’re searching for. But, if you’re on the rental hunt in Aberdeen Scotland, you’ll likely have more luck – at least that’s what new data on available rental stock levels suggests.
There was some good news for the UK’s tenants recently as a new report showed fewer people who rent a home experienced an increase in their rent. But that’s not all, letting agents said there are more properties available for rent, while more tenants achieved positive results from rent negotiations.
In years gone by, home ownership was an achievable goal for many hardworking Britons. More recently, that has changed and even those who earn a good wage can struggle to buy a property in their preferred area – or indeed any area at all. With this new reality comes the fact that for some people, they will always be a tenant, throughout their working life and also as a retiree.