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Demand Remains High

Tuesday, 28th June, 2016

According to the latest data extracted from surveys of more than 1,800 Private Rented Sector landlords and tenants, demand for rental properties in the UK is increasing and there is a high degree of tenant satisfaction.

The surveys, undertaken by BDRC Continental on behalf of Paragon Mortgages, revealed that despite attempts by the government to dampen the buy-to-let market in 2015 and stimulate home buying, the first quarter of 2016 saw demand for properties to rent continue to rise. The number of landlords reporting tenant demand as either increasing slightly or significantly stood at 39%, up from 34% in the last quarter of 2015. A further 36% of landlords described tenant demand as being "stable".

The sector is also witnessing high levels of tenant satisfaction. Nearly 8 in 10 (79%) of tenants surveryed said they are satisfied with their current landlord. Further, 85% of tenants consider their current rental property to be their "home" and 69% believe the level of rent they pay to be "good" or "very good" value for money.

Reflecting the changing balance in housing tenure, the average length of time tenants are spending in their current properties now stands at nearly seven years. The average length of time spent in the PRS in total was reported to be nearly 13 years.

Landlords also agree that the PRS plays an increasingly important role in housing the UK. With the social housing sector having lost around one million homes since 1991, more than three quarters of landlords polled (78%) agreed the PRS compensates to some extent for the decline of the social housing sector.

An overwhelming majority (89%) of landlords also stated the PRS has an important role to play in accommodating those who are priced out of home ownership, while nearly three quarters (74%) agreed the PRS plays a role in accommodating those excluded from social housing by dwindling supply.


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