SelbyPost 17 January 2013. - Global Title

Thursday, January 17th, 2013
Shift to renting
A cultural shift towards renting property
rather than buying looks set to continue into
2013 and beyond, predicts nationwide
lettings specialist, Belvoir.
The findings are contained in a new
report, just published - ʻThe Belvoir Rental
Indexʼ – which has tracked the ups and
downs of the UK rental market from 2008 to
October 2012.
“We believe that the private rental sector
is likely to remain a popular choice for
2013, with demand for rental property
unlikely to slow,“ says Dorian Gonsalves,
Belvoirʼs Chief Executive Officer.
Since the start of the ʻcredit crunchʼ in
2008 few property rental levels have kept
pace with inflation and over the past five
years average UK rents across the board
have actually fallen by nearly 2.4 per cent –
despite perceptions to the contrary.
Mark Stephenson, a Belvoir office owner,
“ I really enjoy warm
winter evenings in my
new McCarthy & Stone
retirement apartment”
Joyce Berry, Homeowner
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says: “This is good news for tenants
because they can fix and control their
monthly accommodation budget in these
tough times and still achieve excellent value
for money.
“The flexibility of rented accommodation
means that tenants can, if necessary, relocate
more easily to take up employment
opportunities elsewhere. They are also free
to trade up or down to meet changing
economic and family circumstances.”
The trend towards increased renting is
good news for landlords too, since local
markets for rented housing continue to
expand.
“I believe that the buy to let market
continues to offer great opportunities, but
anyone looking to invest in 2013 must, as
always, have a clear strategy, since it is not
a ʻget rich quickʼ scheme,” added Mark.
“They need to ensure they buy property
at the right price, in the right location and
identify the type of property which people
will want to rent from them both now and
into the future.”
Looking back over 2012, there were
several major influences on the rental
market - economic performance, inflation
and wages and unemployment.
“Despite the doom and gloom around the
economy and debt, unemployment rates fell
in 2012 and, according to the Office for
National Statistics (ONS), are currently at
7.8%.
Belvoirʼs Mark Stephenson adds, “As
renting becomes more and more popular –
especially amongst people under the age of
30, who, increasingly, are moving away
from property purchase – we are moving
into ʻGeneration Rentʼ - with both tenants
and property investors and landlords
coming out as winners.
For more information or to register your
interst for this event please call FREE ^ on
0800 201 4777
www.mccarthyandstone.co.uk
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Barnes Wallis Court
Charles Briggs Avenue, Howden
East Riding of Yorkshire DN14 7FA
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PAGE THIRTY NINE
Renters increase
by 1.6 million
Results from the latest UK census show how the private
rented property sector has grown over the past 10 years and
the depth of the rental market at a local level.
Overall across England and Wales the number of private
rented households grew by just under two thirds from 2.6
million to 4.2million between 2001 and 2011. Lucian Cook,
director of residential research at Savills, points out that as
younger households have faced increasing financial barriers
to home ownership, the provision of social housing has been
squeezed and the stigma around renting in higher income
groups has been lost.
Though the census data suggests the private rented sector
accounts for 18% of all households across England and Wales
as a whole, levels tend to be concentrated in urban areas.
For example, across the five metropolitan boroughs of
Birmingham, Leeds, Manchester, Liverpool and Bristol the
number of private rented sector households has risen by 77%
in 10 years such that they account for 23% of all households
in these areas.
In these areas, the profile of rental housing is dominated
by one and two bedroom properties, that together account for
63% of advertised rental stock, reflecting the dominance of
young need based renters.
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Howden-GooleTimes17.1.13