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Thursday 26 February 2015

Did you know that 4.4 million homes are rented privately in England?

The English Housing Survey has just released its report on the housing market for 2013/14 with some interesting findings:
·         For the first time the proportion of households who own outright was larger than the proportion who owned with a mortgage. Of the 22.6 million English households, 63% were owner occupiers, of which 33% (7.4 million) owned outright and 31 % (6.9 million) bought with a mortgage.
·         The private rented sector remained larger than the social rented sector. 19% of all households (4.4 million) were rented privately, up from 11% in 2003, as against 17% (3.9 million) in the social housing sector.
·         Almost half (48%) of all households aged 25 – 34 rented privately up from 45% in 2012/13. And it has more than doubled from 21% in 2003/04.
·         In 2008 – 09, 19% of social renters in work received housing benefits, increasing to 32% in 2013 /14. For working households in the private rented sector the proportion increased from 7% to 14% in the same period.
Clearly the private rented sector (PRS) is growing and will continue to do so until we improve the supply of new homes. The PRS is a fundamental part of housing for young people and again that is a trend that looks unlikely to change. Although these numbers are averages across England I do feel they are representative of what is happening here in Southampton.

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