LETTINGS NEWS: Families and older tenants to boost private rented sector in areas like Devon.
Britain’s private rented sector – now 17 per cent of all households – is set to increase to around 22 per cent in the next decade according to the British Property Federation.
The BPF says high house prices, strict mortgage controls and more people actively wanting to rent rather than own will drive the increase in renting.
Although currently dominated by young single tenants in big cities, the lettings sector will increase in smaller cities and semi-rural areas such as Devon, says the BPF, because families and older people will also rent in larger numbers.
The federation says we will see the growth of Build To Rent, involving institutions building and managing their own blocks, but it also forecasts larger numbers of individual landlords purchasing Buy To Let properties which are then managed by professional letting agents.