Demographic data from the latest Census suggests that the Private Rental Sector now provides homes for 20.3 per cent of the population of England and Wales.
The same data shows that while the number of home owners has increased, as a proportion of the population it has fallen from 64.3 per cent in the 2011 Census to 62.5 per cent in 2021.
Dan Wilson Craw, deputy director of the Generation Rent activist group, says: “Despite an array of supposedly pro-home ownership policies over the past decade, the private rented sector was the fastest growing tenure.
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In plain English the average PSL own under two BTL properties. Hence just one property!
He lets it and the tenant who tends to have no children stats for over ten years now!
That PSL has no intention of buying a further BTL property and goes to sleep!
These are what we call "Sleepers" with no activity!
If they did have children the child (normally just on) has fled the nest and gone to University or some other form of Further Education.
Don't worry Mr Craw. I've been in the private rented sector 27 years. I can assure you landlords are now selling up and the supply of private rented accommodation is now reducing. People who wish, or have, to rent will be moving towards the new social housing currently being built by the government throughout the country (?!). I understand this is a Labour policy too. The removal of mortgage interest relief has had a dramatic effect, particularly now rates have risen, and landlords who financed their property portfolio to provide homes realise it is no longer cost effective. On a personal note I have sold 50% of my portfolio since this policy was introduced by George Osborne with another 25% to be sold in the next 2 to 3 years. On a professional note, our lettings business has seen landlords off loading on a regular basis and new landlords to the market who have set up as limited companies are indeed, limited. The only consequence I observe is the supply is now tight - whereas pre pandemic we would regularly have circa 25 private rentals available, we now have 4 or 5 in our Halifax branch. With supply being reduced we find rents have increased significantly because of (1) lack of supply and (2) landlords reaching out to cover their costs. Yes the private rented sector is being dismantled by policy, but I feel it is tenants who are suffering the most. Just my experience on the ground. On a final note, I would say the vilification of all landlords does not help your cause to provide good quality homes for tenants. In my experience over the years most landlords are caring and conscientious people who have respect for their tenants. There is an element who exploit the system and it is those who should be tackled, not a blanket attack on the whole sector.
I am now totally sold up!
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