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.