Private rental sector now twice the size it was 12 years ago

England’s private rental sector is double the size it was in 2004, according to the government’s English Housing Survey.

In 2004, the private rental sector comprised 2.3 million households, while it is now made up of just over 4.5 million households.

Meanwhile, the number of people who own property in England has dropped to its lowest level for 30 years.

The reality of homeownership is still a pipe dream for many potential property buyers, an issue which formed the focus of Chancellor Philip Hammond’s Autumn Statement last November.

For many renters, especially in London, it is increasingly hard to save for a deposit to buy a property as rents and living costs are high.

The English Housing Survey reveals that during the year 2015-16, the average private rent in the capital was £300 per week, almost double what renters outside the capital had to pay.

According to a recent report, average property prices in London have increased at a faster rate than average incomes, and as property prices have risen, more properties have moved above the stamp duty threshold. This means that more buyers are having to fork out for stamp duty when buying a property.

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The Guardian