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Soaring Private Rentals Reflect Pressure On First-Time Buyers

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The number of people renting privately-owned accommodation in England has increased by 55% in the past six years, reflecting the struggle many aspiring homeowners have faced trying to buy their first home.

Figures published by the communities and local government department in its annual English housing survey show the number of private renters increased from 2.15 million in 2003-04 to 3.35 million in 2009-10. The number of tenants in social housing fell slightly from 3.92 million to 3.67 million (a drop of 6.5%) over the same period, while the total number of owner-occupiers fell from 14.54 million to 14.52 million, a drop of 0.18%.

However, the number of owners who had moved in the previous year plummeted from 885,000 in 2003-04 to 360,000 in 2009-10 – a decline of 59.3%. Only 4% of owner-occupiers last year were first-time buyers who had bought within the past three years, compared with 5% in 2008-09.

Matt Hutchinson, director of flat and houseshare website SpareRoom.co.uk, said: "The rise in renting is not only due to people not being able to afford to buy, but also changing attitudes towards homeownership with more and more people deciding to rent for longer rather than committing to the massive financial burden of taking out a mortgage.

Are students classed as private renters?

How the hell was Matt Hutchinson allowed to comment in the press, he quickly needs re-educating!

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  • 439 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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