Date Published 21 June 2022
With rental properties seeing a huge demand in the market, we are seeing more property owners becoming Landlords and turning their properties around for rental instead. The private rental sector could grow an additional 6.5% within the next 3 years showing that the number of private rented dwellings to come just under 5.8 million. Since 2005 across Britain, we have seen a 79% increase from 2.4 million showing that this is a constant growing market.
Alongside this, the most recent interest rate hike shows that it is cheaper to rent than to own a property, once again leading the future to rental rather than sales. The last 11 months it has been cheaper to buy a home than to rent in Great Britain. However, following last Thursday's 0.25 per cent base rise and assuming this to be passed on in full to mortgage borrowers this will make renting a home £1 a month cheaper than buying on a monthly basis.