Lettings agents benefit from rising rental market
Letting Agents - 30/11/2006 11:28:18
letting agents are enjoying a bumper trading period as the number of households living in rental accommodation continues to rise.
The latest English Housing survey reveals that one in six households in England are now renting their home, totalling 2.5 million tenants across the country and equalling 12 per cent of the population.
In particular, the number of renters under the age of 30 has increased from 33 per cent in 2001 to 41 per cent as house prices continue to escalate. This means that many younger people remain unable to afford to step on the property ladder, especially as the average property now costs around £200,000.
Renting also appears to be less long-term and secure, with the survey revealing that 38 per cent of private renters had been in their current accommodation for less than a year compared to just two per cent of outright homeowners.
However, many tenants remain optimistic that they will not have to rely on letting agents for their next home, with 60 per cent planning to purchase a property in the near future.
If you are looking to rent a home find letting agents in our online directory to give you a helping hand.