Rental Figures Are Sky High according to New Census

19 December 2012 Categories: News

Rental Figures Are Sky High according to New Census

The latest national census for England and Wales has shown that the number of people renting residential property has nearly doubled over the last 10 years. The census, completed in 2011, shows that 3.6million properties are now rented – a figure that accounts for around 15% of the properties in England and Wales. Ten years ago, this figure stood at just 1.9million, or 9% of the available residential properties.

This increase is accompanied by a decrease in the number of properties owned with a mortgage or loan outstanding. In 2001, 39% or 8.4million properties were owned with a mortgage but 2011 saw this fall to 33% or 7.6million. Properties that are owned outright also increased although only by 2%. This type of property now accounts for 31% or 7.2million properties in England and Wales.

These figures show that the difficulties associated with securing a mortgage, and in particular a first-time buyer mortgage, are having an effect on the face of the property market in England and Wales. They also show how the private rental sector has continued to grow over the last ten years, with nearly double the number of rental properties now in use.