Renting gains in popularity

Posted: 03 Oct 2007 10:58:30 GMT


            Property News - Renting gains in popularity

Private renting is growing in popularity in the England, according to a comprehensive report into housing in the country between 2005 and 2006.

Private renting is growing in popularity in the England, according to a comprehensive report into housing in the country between 2005 and 2006.

The study, carried out by the Department for Communities and Local Government (DCLG), found that there were 2.5 million people renting from a private landlord at the time.

According to the report, there was an increase from 19 per cent to 35 per cent in private tenants aged 25 to 29 between 1993 and 2005.

In the same time, the percentage of owner occupiers in the same age range fell from 60 per cent to 47 per cent.

This, said housing minister Yvette Cooper, demonstrates the need for more homes to be built in the country.

"These figures show that young families will feel the strain if we don't build more homes," she said.

"We have the highest level of house building now since 1990 but the supply of housing has still not kept pace with demand, which is why the prime minister announced plans for three million new homes by 2020.

"People who are opposing new housing development need to consider the unfair consequences for young people," she added.

Nationwide recently revealed that UK property prices increased in value by 0.7 per cent between August and September.

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