New data from the English Housing Survey reveals that private renting in Britain has soared ahead of social renting for the first time. Private renting is now the second most common form of housing, sitting only behind owner-occupation. Referred to as ‘Generation Rent’, the statistics are set to continue growing as the target demographic of renters sits squarely between the ages of 25-34. Whilst the privately rented sector is experiencing an unprecedented boom, online letting agency LetBritain is on hand to ease the load on high street agents.
The survey revealed that out of 4 million British households, 18% of them are now privately rented, inching them ahead of the social renting market which sits at 17%. As recently in the housing market history as 1980, fewer than 12% of homes were privately rented whilst social housing prevailed, dominating 31% of the market. The shift represents the result of various systemic alterations that have influenced the country’s property market over time. Such influences include the selling off of one million council homes under the initiatives of various governments, the liberalisation of the private rented sector, the prevalence and availability of buy-to-let mortgages and the steady rise of house prices which prevents many people getting on the property ladder.
With more and more young professionals turning to the privately rented market, online letting agency Let Britain offers renters and landlords an easy, accessible and convenient way to peruse a host of available local properties in order to make the perfect match. The virtual service eliminates much of the stress and hassle of high street estate agents whilst also cutting out the middle man that connects renters with landlords. Landlords are able to create their own listings, upload stunning visuals which reflect the property’s appeal and liaise directly with interested renters whilst tenants can peruse a vast assortment of properties and discuss their specifications with potential landlords.
Fareed Nabir, Founder of LetBritain says, “Current trends in the property market are set to continue and the rise of private renting indicates that these statistics will rise. We are noticing a lot of young adults looking to rent. There are many reasons why renting is beneficial to them in this day and age. LetBritain is designed to be easy, straightforward and available 24/7 so that tenants searching for properties on the wave of this trend can convene with landlords to reach an agreement that is beneficial for all.”
The site enables tenants to search for properties using a specialised criterion, focusing on specifications such as radius, property type and budget. The process unites tenants and landlords in a safe and friendly environment and advertises properties on a vast range of property sites including Zoopla and Rightmove for maximum exposure. The process is also eco-friendly with a paperless system that requires no printouts, and electronic signatures to seal tenancy agreements.
Mr Nabir added, “It’s exciting for us to see the rise in private renting and be able to assist in that process nationwide. The digital world makes it easy to merge landlords with available properties and tenants who highly desire a place of their own. Traditionally, searching for properties is stressful but online innovations take the hassle out of every part of the process. It’s designed to do what it says on the tin in the quickest and best way possible for all parties. Somewhere along the line that process was high jacked by the middle man but now the control can be returned to the people that matter; the landlord and tenant.”