An increasing number of people are moving into the private rental sector rather than buying their home according to the latest figures released in the government’s English Housing Survey bulletin.
It confirmed the findings of an earlier report in February, which revealed the number of people in private rental accommodation is now at its highest level since the early 1990s. The industry accounts for 3.8 million households, which puts the market on the same level as the social housing sector.
According to the bulletin, private renters typically spend a higher percentage of their earnings on accommodation than homeowners, with the average outlay standing at 41% and 19% respectively.
However, a survey of tenants found 59% expect to buy their own home at some point in the future.
The report revealed there are currently 967,000 vacant properties in the UK, with the vast majority (84 per cent) being privately owned.