Renting hotspots around the UK
According to research carried out by the Guardian, the UK’s renting hotspots are Bournemouth, Slough, Luton and the London Borough of Brent which have experienced more than a 10% increase in the percentage of houses being rented from 2001 to 2011! These figures have been gathered by Experian and highlights how difficult it is for the younger generation of people to break out of renting and become first time buyers in these areas.
The areas of Bournemouth, Brent and Slough have experienced the largest switch from homeownership to private renting between 2001 and 2011 according to the data received by the most recent census merged with Experian’s own data.
Slough Borough Council experienced a 14% rise in private renting and a fall in homeownership of the same percentage over a 10 year period. The London Borough of Brent and Enfield both experienced a 12% increase in renting. The London Borough of Ealing, Bournemouth Borough Council, Watford Council, Luton Council and Cardiff City Council all saw an increase of private renting by 11%.Experian named London City the place in the UK with the highest number of privately rented properties at a huge 42%.
The current generation renters are aged between 20 to 40. They cannot afford to own their own home due to house prices and mortgage lenders strict criteria along with the demands for large deposits. According to research carried out earlier this month, the cost of renting a property in England and Wales is increasing faster than the rate of inflation with the average monthly outlay up 3.5% in the last 13 months.
In related news, the total household wealth in the UK has topped £7 trillion according to the latest research carried out by Lloyds TSB Private Banking. They based this research on not only the value of residential buildings but financial assets as well misusing the outstanding debts owed.
This equates to a £86,000 increase for each household over the past decade despite the poor economy however, most of this increase happened during 2007 when the economy rapidly grew due to incomes and employment. Household wealth has increased over £1 trillion over the past 10 years as the value of property has risen more than the rise in mortgage debt.
What do you think of the latest property related news and how will the current state of the property market affect you?(0) Comments
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