The British Property Federation (BPF) reports on the latest findings from the English Housing Survey as this government commissioned report confirms that home ownership has fallen to its lowest level in 20 years. According to the English Housing Survey just under 68% of English households own their home, the lowest percentage since 1991.
Home ownership was at its peak during 2005 – 06 when 14.8 million households were owner occupied. This dropped to 14.6 million in 2008 – 09. In contrast the number of households renting privately has increased by one million since 2001, from 2.1 million to 3.1 million in 2008 – 09.
Private rented sector (PRS) housing has accounted for nearly all household growth over the past decade, with 1.1 million additional households in the sector versus 2000. The PRS is up from 13.9% of households in 2008 to 14.2% in 2009.
The BPF wants to see a more professional rental market emerge like that enjoyed by Europeans and Americans, where large rental blocks exist, much like retail parks or hotels. The industry body says this will improve quality and choice
With 170 offices nationwide, Martin & Co has just opened its doors in St Albans with its local owners set to take property lettings to the next level!
Richard & Merril Cleal, Martin & Co, St Albans