Taylor Scott International News
The private rented sector in the UK has entered a more settled periods with over 80% of tenants satisfied with their landlords and more families renting homes, new research shows. The sector has seen some shifting demographics and overall satisfaction levels remain high, according to the latest survey from Paragon Mortgages, undertaken by BDRC Continental. It found that an increasing proportion of those making a home in the sector are couples with children who now make up 21% and couples at 29%. In addition to this 87% of those surveyed consider the rental sector to be their home and the average length of time spent living in a rented home currently stands at 12 years and 41% of landlords reported an increase in tenant demand in the third quarter of the year. Alongside a shortage of housing stock nationally, one factor driving this change is ever improving standards in the sector and 81% of those surveyed said they were ‘satisfied’ with their landlord while 66% of respondents considered their rented home to be either ‘good’ or ‘very good’ value for money. ‘The message coming through in this survey is that, for many people, the private rented sector is an increasingly attractive option over the long term,’ said John Heron, director of mortgages at Paragon. ‘This in many ways reflects the ongoing issue of affordability in the housing market, simultaneously however, competition and best practice are driving higher standards in the sector, making it a more attractive proposition for both individuals and families,’ he explained. ‘This data underscores the value of the PRS to the UK’s housing market. The UK’s PRS still has some way to go to before it catches up with its counterparts in Europe, but higher tenant satisfaction with both standards and affordability, show that there is room for increased growth in this sector,’ he added. Taylor Scott International
Taylor Scott International, Taylor Scott
