Private rental sector 'playing growing role'
Property professionals
2nd March 2010
The private rented sector (PRS) is playing an increasingly important role in meeting England's housing needs, a new report has indicated.
Figures from the Department of Communities and Local Government reveal that since 2001, a further one million households are renting privately, taking the total to 3.1 million for 2008-09.
The study also shows that the sector is responsible for 14.2 per cent of all households in the country, a rise from 10.1 per cent in 2001.
With the burgeoning PRS in England, owner-occupancy rates have slid in recent years from a peak of 14.8 million in 2006 down to 14.6 million in 2008.
Commenting on the data, Paragon Group chief executive Nigel Terrington pointed to a "growing dislocation between people's desire to purchase and their ability to do so", adding that "the UK is experiencing major socioeconomic and demographic changes".
He called on the government to recognise the importance of private rental in meeting UK housing needs and encourage further investment by individual landlords.
Those seeking insurance for buildings may also be interested to learn that the latest Land Registry figures show a 2.1 per cent monthly increase in house prices in England and Wales in January this year.
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