A decade of life in the Private Rented Sector

Over the past year rents have risen 2.7%, whilst the Office of National Statistics report that house prices have risen by just 1.3%.

However, whilst we all often focus on what has happened versus the previous month or year - just how has the property market changed within the last decade?

 

	Start of the decade	By the end of the decade
Percentage of private tenant households – according to the ONS	16%	20%
Average monthly rent in Greater London	£940 per month	£1,665
Average monthly rent in the rest of the UK - (excluding London)	£619	£788
Number of private landlords - according to HM Revenue and Customs	1.97million	2.5million
Average house price values - according to the ONS	£167,496	£235,000
Average age of first-time buyer, according to the English Housing Survey	33	31
Percentage of 25 – 34 year-olds who are homeowners according to The English Housing Survey	55%	38%

By all measures the Private Rented Sector has grown in size and importance over
the last decade. Home ownership, particularly in the generation who became adults
since the start of this century has dropped most dramatically. Therefore, as we look
forward to the next ten years, we must assume that demand for good quality and
affordable private homes will continue to increase.