More than half of UK homes will be rented by 2032, research finds Over 50 per cent of the UK's households will be rented by 2032 if current trends persist. This is according to new research from the Intermediary Mortgage Lenders Association (IMLA), which revealed the private rented sector (PRS) has grown from 14 per cent of the country's housing in 2007 to 18 per cent in 2013. Owner occupation has fallen from 68 per cent to 64 per cent in the same period and social housing's share of the market has also dropped. The IMLA said there are a number of factors that are behind the growth of the PRS. These include the increasing difficulty associated with becoming a homeowner, changes in employment, high levels of immigration, an increase in the number of students, later marriages and growing separation rates. Meanwhile, the population is expected to continue to expand, reaching 67.8 million by 2020 and 75.3 million by 2035. The IMLA said that unless there is a major shift in the economy or government policy these factors will see the rental sector continue to increase dramatically and overtake home ownership as the country's staple form of housing. Peter Williams, executive director at the organisation, stated: "This report is a fresh look at how and why the private rental sector has grown. It asks important questions about our current direction of travel and the failure to build enough homes to support the rising population." "Growth of the private rented sector has been from a historically low base and has been fuelled by strong underlying demand," he added. The changes forecast by the IMLA can already be seen among young people, with homeownership rates having fallen significantly in recent years. From 1991 to 2013, the number of 16 to 24-year-olds who own a property has dropped from 36 per cent to 11 per cent, while among 25 to 34-year-olds it has fallen from 67 per cent to 40 per cent
Cleaning the no.1 cause of deposit disputes Cleaning is the main cause of deposit disputes in the private rented sector. This is according to the Association of Independent Inventory Clerks (AIIC), which has revealed the issue has been the leading source of complaints since the introduction of tenant deposit protection in 2007. Figures from the Tenancy Deposit Scheme show the number of cleaningbased disputes has increased from 49 per cent of total complaints in 2009 to 56 per cent last year - this is the highest figure recorded in six years. Pat Barber, AIIC chair, stated: "We are seeing a sharp rise in the number of properties that require professional cleaning services at check-out and it is a growing problem. The main problems are dirty ovens and fridges; stains and marks on carpeting and flooring; bathrooms which have not been cleaned for months; and pet hair and excrement on floors, furniture and soft furnishings." She claimed many tenants are shocked to learn the cost of professional cleaning, which can range from ÂŁ10 to ÂŁ20 per hour, and often renters argue cleaning issues fall under general wear and tear. Ms Barber said disputes regularly occur when tenants claim their cleaning obligations were not made clear at the start of a tenancy. To counter this problem, she stressed it is vital a thorough inventory is prepared and a check-in and checkout is completed with the renter so they are aware of what is required of them. The AIIC revealed ovens cause the most cleaning-related issues and if they are listed as completely clean at check-in, they must be in the same condition when the tenant leaves. Heavy limes scale build up in kitchens and bathrooms is another common problem, with many renters claiming they are not to blame due to living in a hard water area. Another thing the organisation said to look out for is stained and market carpets. It revealed tenants will often try to hide these marks and even cut out the stain and replace it with carpet taken from a hidden area of the room such as underneath the bed. FaulknerProperty.co.uk ensures all properties have fully detailed inventories with comprehensive photographic evidence at the beginning and end of every tenancy so that the facts are clear to all and in the event of a dispute the evidence is incontrovertible.
Published on May 16, 2014
Over 50 per cent of the UK's households will be rented by 2032 if current trends persist. This is according to new research from the Interm...