Landlord Today published an article this week. It cites statistics gathered by the National Residential Landlords Association, which show that the UK needs to build almost 230,000 new private rental homes per year to meet government housing targets.
What are the factors behind this? Consider the following:
By the middle of the decade, the government hopes to build 340,000 new homes in the UK,
Growth in owner-occupied homes and social housing,
Rates of growth anticipated of the population of people between the ages of 15 to 24, typically taking their first steps toward independent living through rental housing,
These factors contribute to the current gap between the demand for private rented accommodation and the supply of such housing, which is cited by the article as having ‘fallen by almost 260,000 over the past five years.’ The gap is expected to more than double in the next decade, assuming no changes to tax policies or other policies that could affect private rental housing.
As to what actually transpires, it remains to be seen, but sunny days may be in store for landlords.