Major changes are afoot in the UK’s private rented sector, as institutional investors and a wide range of professional landlords start to make their presence felt in the business.
So, how big is the sector at the moment? And what are the other key metrics in the private rented sector right now? Thanks to Housing Matters, who in their March 2015 report, provided the following statistics, gathered from a range of sources including the government, Savills, the CML, the Association of Residential Letting Agents, and BDRC.
4.9 million – the number of UK households today in the private rented sector
84% – percentage of tenants who say they are satisfied with their accommodation
£27.4 billion – gross buy to let lending
56 – average age of a UK landlord; they will have around 8 properties, and have been a landlord for 15 years
close to 2 million – number of private landlords in the UK
19% – number of UK households in the PRS
2.5 years – average length of a private rented sector tenancy
2.8 years – average time a family stays in a private rented sector tenancy
1 million – number of additional private rented sector homes that will be needed by 2018