According to the latest figures released by Endsleigh on property rentals, a specialist letting agent service provider, 46% of the population are renting their properties as opposed to 23% who own their own home.
From the data provided, it has been established that Middlesex is the most popular area for people renting with more than three times as many tenants renting their properties as there are home owners. The data also ranks the top ten areas in renting popularity.
Middlesex is closely followed by East Sussex then Surrey and Berkshire. Of the top ten most popular regions, six are in the South East of the country and all ten regions are in the southern parts of the nation.
The ages of the majority of these tenants range from 16 to 50 years, which is 92% of the population. All have different wants and requirements from the properties and the majority of those canvassed preferred renting as there was more freedom of movement between areas and between different types of accommodation.
More than 60% of tenants surveyed are now living in properties in totally different locations to their previous accommodation. With more properties now available for rent, due to lower property prices, many feel they get more for their money by renting. Unfurnished properties are in greatest demand, as opposed to furnished homes, as most tenants like to add a personal touch to their accommodation.
Despite the continued concerns about the economy, the residential property sector and the job market, the survey has found that three out of every five tenants have plans to purchase their own property within the next few years.
According to Endsleigh Head of Business Development, Carlos Thompson, the impact the recession is having on property values is causing some home owners to rent out their homes rather than sell and thereby increasing the number of homes available for renting.
With this increase in available properties comes greater choice and this surge in renting creates more competition when applying for a property. There is a real danger some prospective tenants may stretch themselves beyond their means.
Letting agents have an important role to play in this lucrative rental market. There is greater competition among the agents as they all try to get more properties onto their books. Now more than ever it is important for an agent to offer a first class professional service and ensure the landlord as well as the tenant is well looked after.