According to recent industry publications, there are large changes underway in the demographics of the private rented sector. There was an annual increase of about 6% in the number of people aged over 30 with the group now making up nearly two thirds of all tenants in the UK. The highest growth was in the 41 to 50 age range.
The data also provided numbers on the number of families living in private rented accommodation. It has been said that the ‘help to buy’ scheme has had a large impact on the lower age groups with the under 30’s category seeing a decline of around 6%.
In London around one fifth of 20 – 34 year olds are still living at the family home, up some 18% over a decade ago. London does however have the lowest percentage of adults living with their parents.
William Taylor of Martin & Co Huddersfield (Estate Agent Huddersfield, Letting Agent Huddersfield and Property Management Huddersfield) added “we’ve some similar traits in our local market. We have seen scenarios where younger tenants have moved back to their family home with the aim of saving a deposit. We have also seen larger family groups sharing larger properties to spread the costs. It has been a telling time in recent years and I think the wider population has done what it can in difficult circumstances, now that the shoots of recovery are starting to show it could well be an interesting few years in the property market.”