The Office for National Statistics (ONS) has published a report entitled, ‘A Century of Home Ownership and Renting in England and Wales’.
The report charts the structure of home ownership in England and Wales over the last century; highlighting the swing from renting to home ownership during the 20th century, and the swing back towards renting since the turn of the millennium.
The report makes interesting reading for the private rented sector (PRS), and shows that over the decade to 2011, the number of households who were renting went up 1.6 million to 8.3 million.
Among the 8.3 million renters in 2011, those renting from private landlords or letting agents were up 1.7 million to 3.6 million compared to 2001. All regions in England and Wales had increases in private renters, with the largest increases found in London (343,000), the South East (233,000), and the North West (209,000).
Whilst the report acknowledges that this increase may be the result of the downturn in the housing buying market, other factors such as high house prices, tighter lending requirements, declining wage growth, and rising inflation are also cited as reasons for a burgeoning PRS.
Watch the ONS Video
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Read the ONS’ report, ‘A Century of Home Ownership and Renting in England and Wales’.