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Home ownership may be up, but doesn't mean landlords should feel down

PRLog - Jan. 7, 2014 - SOUTHEND, U.K. -- A new study* from Cover4LetProperty has revealed that the amount of people living in rented property has decreased by 12% since May last year, with nearly a third of Brits (32%) living in social or private rented property.

The landlord insurance specialist compared their latest findings with those carried out last year**, to see if there has been any change in home ownership and renting trends.

They found that:

home ownership (with or without a mortgage) has increased by 12% since May 2013;
nearly a third (28%) of Brits live with family and friends (no change);
the amount of women living in rented accommodation has dropped from 52% to 15%, while there has been a 6% increase (from 37% up to 43%) for men;
those in the 40-49 age group are most likely to live in rented property;
while previously, 91% of 18-29 year olds lived with family or friends, this has dropped to 40%, suggesting younger people are getting a foot on the property ladder;
25% of those in the 50-59 age band now live with friends or family. Previously, none did;
20% of those in the 18-29 age group have recently moved back home citing reasons such as divorce and lack of finances;
Those who earn £40,000 or more a year are just as likely to live in rented accommodation as those who earn less.

Richard Burgess, Director at Cover4LetProperty(http://www.cover4letproperty.co.uk) , comments: “The research shows that there is a level of recovery in the home ownership market with many more people now living in their own homes, and the number of people in rented accommodation decreasing. This could in part be as a result of the Help to Buy scheme***. That said, it is not a time for landlords to feel downbeat, as there is still a buoyant rental market.  It will be interesting to see the impact the new influx of potential tenants from Eastern Europe will have on the demand."

* Independent study carried out for Cover4LetProperty January 2014 by Usurv

**Independent study carried out for Cover4LetProperty May 2013 by Usurv

***Help to Buy scheme (http://metro.co.uk/2014/01/02/thousands-sign-up-for-help-...) Metro newspaper, 2nd January 2014

Jason Hulott

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Location:Southend - Essex - United Kingdom
Industry:Insurance, Real Estate
Tags:insurance, Property, landlords, rental, Real Estate
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