LETTINGS NEWS: Size of rental market set to expand hugely in the next decade
One of the most respected property organisations, the Royal Institution of Chartered Surveyors, says the number of households in the private rental sector across the UK is set to boom – rising from 5.4 million today to 7.2 million in 2025.
The private rental sector in the UK doubled in size between 2001 and 2014 and the growth is set to continue, thanks to stubbornly-high house prices and stricter mortgage requirements forcing many younger households to rent rather than buy.
RICS is lobbying government to relax some of the newest tax and stamp duty regulations imposed on individual buy to let landlords in a bid to encourage new landlords into the sector, and to encourage those already with one or two properties to buy more.
“Anyone now considering becoming a buy to let landlord is likely to have a very healthy business because of the increase in demand over the next decade” says a RICS report.