New research has shown that the number of homes in the private rental sector has skyrocketed over the past 30 years, increasing by 135%. This isn’t a surprise: in those 30 years since 1986, average UK house prices have also increased from £33,000 to a staggering £285,000 – so naturally, the private rental market has served as a short-term solution to this hike in prices.
The report 30 Years in the Private Rented Sector, carried out by Martin & Co, demonstrates that a majority of this growth took place in the past ten years, and that 2012 saw the number of private rented properties overtake the social housing sector.
It’s undeniable that young people seem to suffering the most: now, 71% of households aged between 16 and 24 are living in a privately rented home, and the number of households aged between 35 and 44 in the sector has increased by a shocking 346% in the last 30 years.
For people of any age looking to escape the private rental sector but unable to buy a home on the open market, there is a solution. Shared Ownership allows homeowners to part-buy, part-rent a home, and increase the share that they own over time.
Origin offer a range of Shared Ownership schemes, which continue to expand across London. To find out more about our Shared Ownership homes launching soon, click here.