STOP PRESS: The Department for Communities and Local Government (DCLG) has published the first statistics from the 2015/16 English Housing Survey!
OK I realise the ‘stop press’ might have seemed a little extreme, but we don’t have many ‘reliable’ sources of statistics on the PRS so for us trade associations this is a big event.
What does it say?
In truth there’s not that much new, but some interesting trends have persisted.
The PRS remains the second largest tenure by volume, following owner occupation. It also remains the most likely place for younger households to set up house with 46 per cent opting for private renting; up from 24 per cent a decade ago.
Those renting from private landlords continue to stay put for ever longer periods too, with the average tenancy duration reaching 4.3 years – despite public perceptions to the contrary.
Happy to stay put, but not forever…
Not only are tenancies lasting longer, but private tenants are apparently more satisfied with their life than social renters.
However, those who own outright are demonstrably happier (according to the stats), and who wouldn’t be without significant housing costs!
This perhaps explains the finding, that despite the rapid growth of the PRS and increasing tenancy stability, the aspiration for most remains to buy in the long-term.
59 per cent of renters, equivalent to 2.6 million households expect to buy at some time in the future, although perhaps not anytime soon as 42 per cent of private renters thought it would take them more than five years to make the transition.
All in all the statistics seem to show that despite a great deal of negativity about private renting there are still a great deal of happy, stable households forming and living in the sector – and for a myriad of reasons many are likely to stay put for some considerable time.