{"id":2403,"date":"2015-11-18T07:45:04","date_gmt":"2015-11-18T07:45:04","guid":{"rendered":"https:\/\/dev.withcreative.co.uk\/lforl\/?p=2403"},"modified":"2015-11-18T07:45:04","modified_gmt":"2015-11-18T07:45:04","slug":"report-shows-huge-shift-from-owner-occupied-homes-to-lettings","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/report-shows-huge-shift-from-owner-occupied-homes-to-lettings\/","title":{"rendered":"Report shows huge shift from owner-occupied homes to lettings"},"content":{"rendered":"

\"shutterstock_46949836\"<\/a><\/p>\n

If you wanted proof that the rental market is growing, Countrywide has come up trumps. The UK\u2019s largest letting agency has released an extensive report into the private rental sector which shows that more than two million homes have changed tenure over the last decade.<\/p>\n

Around one and a half million homes that were occupied by owners in 2005 have shifted to become privately let by landlords in 2015.<\/b><\/p>\n

In comparison, only half a million have shifted the other way. To put this whippet-fast growth into perspective, the additional million homes that have become landlord-owned equates to the total number of houses in the North East of England. This number makes up 50% of the total growth of current privately rented homes. The remaining growth comes from landlords buying new builds (700,000 since 2005) and social housing and residential conversions. <\/span><\/p>\n

Johnny Morris, director of research at Countrywide, said: \u201cThe rapid growth of the private rented sector has to come from somewhere – while the tenure may change, the physical home remains. The sector has been growing since 2005 but the number of homeowners has fallen in each of the last 10 years. \u00a0This scale of shift in tenure shows that the current push from the government to increase the number of homeowners is unlikely to be enough to reverse the decline.\u201d<\/span><\/p>\n

Over the last 12 months, 45,000 first-time buyers purchased their home from a landlord – the highest peak reached since the economic downturn in 2008.<\/b><\/p>\n

First-time buyers purchase 65% of the homes that say goodbye to the private rented sector. Countrywide suggests this is because landlords and first-time buyers are often competing, both looking for properties that are on the smaller and cheaper side of average. As a result, they\u2019re more likely to sell homes to one another. <\/span><\/p>\n

Johnny Morris continued: \u201cAlthough landlords and first-time buyers might not appear natural bedfellows, because they tend to look for similar types of homes they do end up selling to each other. Many landlords face a choice 10 to 15 years after buying a home, between refurbishing the property or selling it. Those landlords who choose to sell up offer an opportunity to first-time buyers.\u201d<\/span><\/p>\n

The most likely places for a first-time buyer to purchase from a landlord are (you guessed it) London and the South East.<\/b><\/p>\n

Naturally, this is because that\u2019s where the private rented sector is largest. One in five new buyers in London and one in six in the South East bought a home that had previously been rented out. Interestingly, those who purchased from a landlord in these areas paid an average of 8% less than those that didn\u2019t. When you consider the house prices in London at the moment – and probably forevermore – 8% is significant.<\/span><\/p>\n

This shift shows that now, more than ever, the private rental sector is booming. Are you interested in becoming a landlord? If so, make sure your back is covered. <\/span><\/p>\n

Legal<\/b>for<\/i><\/b>Landlords offers you\u00a0free advice<\/a>, quality referencing<\/a>, and every kind of landlord insurance<\/a> you could need. Give us a call anytime on 0333 577 9050 to have your questions answered and chat through what your obligations are and how we can help you with them. It won\u2019t cost you a penny.<\/b><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

If you wanted proof that the rental market is growing, Countrywide has come up trumps. The UK\u2019s largest letting agency has released an extensive report into the private rental sector which shows that more than two million homes have changed tenure over the last decade. Around one and a half million homes that were occupied […]<\/p>\n","protected":false},"author":7,"featured_media":11204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1404,3],"tags":[164,125,316,63,102,962,2110,2111,154,144,95,157,99],"yoast_head":"\nReport shows huge shift from owner-occupied homes to lettings - Legal For Landlords<\/title>\n<meta name=\"description\" content=\"Around one and a half million homes that were occupied by owners in 2005 have shifted to become privately let by landlords in 2015.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.withcreative.co.uk\/lforl\/report-shows-huge-shift-from-owner-occupied-homes-to-lettings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Report shows huge shift from owner-occupied homes to lettings - 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