For the first time in over a decade, the proportion of 25–34 year olds in owner occupation is now equal to the proportion in the private rented sector across England.
By 2045 the total proportion of UK residents in the rental sector will have increased to 55%, compared to 45% of owner occupants, according to research by VeriSmart. This is thought to be due to the high cost of property compared to average incomes.
The English Housing Survey (EHS) showed that 45% of all first-time buyers obtained a 30+ year mortgage. In 2018/2019, 85% used savings to help fund their deposit, up from 76% in the previous year.
At JDG we’ve seen an increase in the number of people looking for private rented accommodation, with an average of 30 new registered potential tenants each month in 2019.
If you’re looking for a high quality property to rent in Lancaster or Morecambe, take a look at our up to date list of properties, or call into our office for a chat with the Lettings team.