Tag Archives: finance-update
More families renting homes in the UK, research shows
Families are the most common household type in the private rented sector in the UK for the first time, according to the latest research from the National Landlords Association (NLA). The findings show that more landlords now let to families with children, making up 48% of the sector, overtaking young couples with 47%. This represents a shift compared to four years ago, when young singles made up the largest group with 53% followed by young couples at 51% and then families with children at 51%. Indeed, the PRS now accounts for approximately five million households in the country United Kingdom and, according to the latest English Housing Survey, the proportion of families in the PRS has increased from 30% in 2004/2005 to 37% in 2014/2015, an increase 912,000 households in 10 years. For the majority of families surveyed, renting privately is a stable option, with 76% reporting they were happy with the length of their tenancy, and a similar proportion, 79%, reporting their tenancy was renewed or stayed the same at the end of the initial fixed term. As a result, the perception of renting as a barrier to family life is breaking down, with 60% of renting families saying that it was not while 77% of families considered their rented accommodation to be home, and the majority, 65%, reported that they were free to personalise it however they chose. ‘There is a genuine contrast between the experience of renting in the 21st century shown in this research and the prevailing housing culture in Britain that only views it as a stopgap, something to be tolerated while waiting for the opportunity to buy your own house,’ said Richard Lambert, chief executive officer at the NLA. ‘There is a rogue element to private housing that ruins the experience for far too many people, but for the majority of the 11 million private renters, renting offers an inclusive and flexible option which works for them in their current circumstances,’ he pointed out. ‘Contrary to popular perception, there’s growing evidence that renting is no obstacle to putting down roots and calling somewhere home. The majority of landlords want good, stable, long term tenancies, and these findings show that more and more are becoming receptive to helping families make a home in the private rented sector,’ he added. Continue reading
Research reveals hundreds of thousands facing eviction in England
More than 148,000 renting households in England were put at risk of losing their home in the past year, equivalent to 350,000 renters, according to new research. The figures from housing charity Shelter come from an analysis of statistics from the Ministry of Justice. Shelter identified 'home threat hotspots' across the country where renters face the greatest risk of losing their home, which comes as a result of the chronic shortage of affordable homes combined with crippling welfare cuts. Enfield topped the list with one in 23 rented homes under threat of eviction. This was followed by Barking and Dagenham with one in 23, Havering with one in 27 and Croydon also with one in 27. But Shelter says that the problem stretches far beyond London. Areas such as Luton, with one in 28 rented homes at risk, Thurrock one in 34 and Peterborough with one in 35 also made it into the country's top 20 home threat hotspots. Additionally, the volume of people facing eviction who are coming to Shelter for advice is getting higher and higher. In the past year alone, over 9,800 people facing eviction have called the Shelter helpline for advice and 500,000 people have visited the Shelter website's eviction advice pages. An example is Angela, is a 35 year old mum from Bristol. Last year, her landlord increased the rent which she couldn't afford to pay so was evicted, and she's been sofa surfing with her five year old son for the past eight months. ‘I'd managed to really build a home for my son, where we felt part of the community. It was really scary going from that to waiting for the bailiffs to throw us out. I desperately wanted to be in a position to tell my son that we were moving house but instead, we've been sofa surfing and relying on the good grace of friend's to let us stay,’ she said. ‘For me, home is the start of everything. It gives you more than an address; it gives you a life and a community base. For my son, it's just as important. I'm so worried about him and how this will affect him long term. Luckily, we're still getting ongoing support from Shelter so I know we've always got someone to turn to for advice,’ she added. According to Nadeem Khan, helpline adviser for Shelter, every day the charity is contacted by people who are struggling to keep up with their rent. ‘Many are in total desperation after the court papers land on their doormat and the threat of being evicted becomes very real,’ said Khan. Further research from Shelter shows that some 59% of adults aged 18 to 44 in Britain say they will be forced to put their lives on hold because of housing problems, new research has found. Overall the current housing shortage is reshaping how millions of people live their lives and creating entirely new timeframes for when they hit traditional… Continue reading
Number of retired people renting in UK soars in last four years
The number of people living in private rented accommodation in retirement in the UK has soared by more than 200,000 in the last four years, according to a new poll. Overall, the survey from the National Landlords Association (NLA) shows that the proportion of retired private renters has grown by 13% since 2012 as more and more people turn to the private rented sector. Some 17% of the retired private renting population live in the South East, the area with the highest proportion across the UK. However, just 3% live in London which is the area with the smallest proportion area across England and Wales for renting in retirement. There are almost four times as many retired renters in the North West at 15% compared to the North East at 4% and twice as many retirees rent property in the West Midlands at 8% compared to the East Midlands at 4%. However, the proportion of landlords who let to retired renters has almost halved during the same timeframe, with 9% of landlords saying they currently let to retirees compared to 19% in 2012. The findings suggest that it could become harder for those approaching retirement to find suitable rented accommodation in the future, especially in high demand areas, according to Carolyn Uphill, chairman of the NLA. ‘More and more people are turning to private rented housing at every stage of their lives, including in retirement. Landlords appreciate the stability and assurances often provided by older households, but are finding it increasingly difficult to build businesses around the needs of potentially vulnerable tenants,’ she explained. ‘Successive cuts to the welfare budget, uncertainty about pension provisions, and the devastating impact of the Government’s tax changes are likely to mean that private landlords will soon be unable provide homes in high cost areas like Central London for anyone without a well-paying job,’ she pointed out. ‘As the proportion of retired renters continues to grow there’s a real worry that homes won’t be available in the private sector, forcing people to look further afield, leaving communities they have known and contributed to for decades,’ she added. Continue reading
