11 January 2011

Are we entering the new decade of renting?

Ever since the Second World War, we've been encouraged to own our own homes. As a result, we've become a nation of homeowners and hardly a dinner party goes by without discussing property prices, extensions, what the neighbours are to etc.

But is the tide turning? Demand for rental property is at its highest for 10 years and has more than dobled in 3 years. 81% of ARLA agents report demand outstriping supply. Yet the Private Rented Sector is struggling to cope with the demand. A scarcity of mortgage finance and difficulties raising deposits means landlords cannot buy as many properties as they would like. So rents are likely to continue rising and tenants will continue to struggle to find the rental property they want.

Perhaps we will follow the French and German nations and become a nation of renters?

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