Rental property boom as more people go it alone

SOUTHEND, U.K. - Nov. 21, 2014 - PRLog -- A new study* from Cover4LetProperty (http://www.cover4letproperty.co.uk) has revealed that the amount of people living in rented property has increased by 8% since January, with over a third of Brits (40%) living in social or private rented property.

The landlord insurance specialist compared their latest findings with those carried out earlier in January 2014* and also in May last year*, to see if there has been any change in home ownership and renting trends.

They found that:

50% of Brits currently enjoy home ownership (with or without a mortgage)  - an increase of 10% since January 2014 and 22% since May 2013;
less people are living with friends and family – just one in ten compared to nearly a third (28%) when previously surveyed in both January 2014 and May 2013;
the amount of women living in rented accommodation has nearly doubled since January 2014 from 15% to 29% (which is still less than the 52% living in rented property in May 2013);
there has been a 12% increase (from 43% in January 2014) of men living in rented property (the figure was 37% in May 2013);
those in the 30-39 age group are most likely to live in rented property – previously the most prolific renters were aged 40-49  in January 2014 and aged 50-59 in May 2013. These figures show a trend for younger renters;
while previously in May 2013, 91% of 18-29 year old respondents lived with family or friends, this dropped to 40% in January 2014. As at November 2014, this figure has dropped further to 33%;
20% of those living with friends and family do not pay rent (down 6% since January 2014 but up from 16% in May 2013).

Ends

* Independent studies carried out for Cover4LetProperty November 2014, January 2014 and March 2013 by Usurv