How renting trends have changed in the last decade
Renting trends have certainly changed since 2010, however we have to look back even further to really get a better view of how renting and buying property in England and Wales has changed over time.
Before the 1970s, most people in Britain rented their home and this was certainly the norm. However, during the 70’s the government encouraged people to buy their own home and ownership started to rise. The peak of home ownership occurred just after the millennium in 2001 where home ownership was at 69%.
Since this peak home ownership has actually continued to fall, reaching a low of 64%, and whilst home ownership has been decreasing the proportion of people renting in the UK has continued to steadily increase.
However, the average renter looks quite different now compared to the late 60’s and 70’s when renting was previously as popular. The majority of private renters are now over 35 years old, and in 2017 nearly 56% of renters were older than 35. The proportion of couples with children renting has also increased significantly since 2010, whilst the proportion of renters who are married has also increase by 4% since 2010.
There are a number of reasons for these changes and although the ability to afford to purchase a home has undoubtedly had an effect there has also been a change in attitudes with regards to renting. Renters enjoy the freedom that renting gives them, such as the ability to move more often, and it provides a more flexible way of living which is now required.
Although renting gives more flexibility it is actually interesting to note that renters are actually staying in their rental homes for longer as between 2010 and 2017 the proportion of renters who had lived in their home for over three years jumped from 28% to 40%.
Whether you’re looking for a place to rent or thinking about taking the first step onto the property ladder find out how your local branch can support you on your property journey by contacting them here.