According to reports, the private rental sector has grown by 135% within 30 years and has been at its most strongest in the past 10 years – with no fewer than 2 million new households introduced to the sector in England. In 1986 only 32% of households with those aged between 16 to 24 were privately rented homes, which dramatically rose to 71% in 2015.
As property prices rise, UK Property Agent’s reports also state an estimate growth of 200,000 household increase in the private sector within five years. Buy-to-Let lending has risen by 39% in 2014 to 2015, which is the third highest it has ever been in the UK. Since 2014 we have also seen an increase in the average rent in London and other UK cities. For example, in our home town of Coventry: in 2014 the average rent was £699pcm where as in 2015 this had increased to £754pcm. Similar rental increases have also occurred throughout the UK from 2014 to 2015; Leeds have had an increase of 7%, Brighton has increased by 18% and Bristol has also increased by 18%.
With this being said, now would be an ideal time to invest in property with the predicted property price rising, private rental sector growing and average rental fees increasing.
If you are looking to start your property investment but unsure where to start, give our office a call on 02476 158187 and a member of our team will be very happy to help you on beginning your journey.
Information taken from: http://www.martinco.com/news/2016/03/02/private-rental-sector-to-expand-after-30-years-of-amazing-growth/?utm_campaign=mac-news section&utm_source=hs_email&utm_medium=email&utm_content=26933427&_hsenc=p2ANqtz-8tNQ6CnE1NM6ZbNEUHIzl7x8zwvlpBI1gGMtVSHuWIC9DQRMLVbIMsaCNg4ewcYSGpnGlulw9f-AV9qZDT3X9RKWciGQ&_hsmi=26933427#.VuA3SPmLTIU