News
MILLION MORE RENTAL PROPERTIES AS HOME OWNERSHIP DIPS
February 2011
The English Housing survey from communities and local government shows that the number of households renting privately has gone up by 1 million in the last 5 years. Almost 1 in 6 homes is now a private rental property as both home ownership and social housing decline. The private rented sector now accounts for 15.6% of all households in England. Commenting on this survey, Mr Michael Poole, Senior Partner in Michael Poole Estate Agents said "it is now quite clear that the path to traditional home ownership is now on the wane. Due to the substantial size of deposits now required by first time buyers to get their first foot on the housing ladder, renting is now the main option in order to ensure occupancy of their own home". This has clearly been mirrored in the Teesside property market as the demand for rental property continually increases. Mr Poole also stated "we are now seeing a sign that the UK housing market is now beginning to mirror the market in Europe where again home ownership is not necessarily the norm"
