The already-popular buy-to-let market is to expand even further in the future, according to the Association of Residential Letting Agents (ARLA). This will have the effect of boosting the private rented sector.
Currently 11 per cent of housing is rented, but this will go up to 15 per cent in the next decade, ARLA predicted. However, the rental market will probably not expand past certain levels, said Malcolm Harrison, a spokesperson for ARLA. He commented: "I don't think we'll ever get to the proportion of renting that you see in Europe and North America, actually. "The private rented sector is something like 2.7 or 2.8 million properties, and there is something like 900,000 buy-to-let mortgages.
So it's about a third. And what that has done is refinance a large chunk of the private rented sector." Recent research from Hometrack has discovered that less than a quarter of young households can afford to purchase property in their area.
TrackBack
Print
RSS
Here at SupaRent we hope to bring you a dedicated news and bulletin service with information about the current state of the property market in the North of England.
