Due to the growth in housing prices a large part of British life will live in rented accommodation

About two-thirds – namely, 35% of tenants in the UK believe they will never be able to become owners of their own home.

The continuing increase in home prices and rising prices for rental housing in the United Kingdom, suggests that fewer people in the near future will be able to get yourself a mortgage and live in their own house. Owning a home will become for them a distant dream.

The number of people living in rented accommodation in the UK grew from 2.2 million in 2002/2003 to 3.9 million in 2013. Half of the tenants are younger than 34 years. The number of people owning their own homes fell to the lowest level in the last quarter of a century. And the number of people living in rented accommodation has doubled. More than 14.3 million homeowners in Britain now over 65. Just 1.4 million homeowners in the UK are aged between 25 to 34 years. And 96000 aged 16 to 24 years.

People who rent a house and have a small earnings like running in circles. The increase in rent does not allow them to accumulate for a down payment to obtain a mortgage loan, the recently introduced stricter rules for mortgage lending will not give them a chance to get a mortgage.

But the growth in demand for rental of residential real estate is definitely good news for landlords.

Meanwhile, the legal requirement for rented accommodation have tightened in respect of the lessors adopted a new measure of responsibility for monitoring illegal migrants that will impose more responsibilities on landlords. In addition, each owner must comply with the basic standards of living, which are enshrined in law. Any deviation from the rules will be subject to penalties. The same landlords that will fully comply with the new rules fit into the standards and thus will confirm your expertise in the market can increase the value of their assets and certainly will benefit by extracting a stable rental income.

® Eleantra. 01.10.2014

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