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According to Jones Lang LaSalle’s (JLL) data the Private Rented Sector (PRS) in the UK has grown 47.9% over last five years and will continue to grow.
JLL estimates that if PRS is to continue to meet the rental demand they predict it will require an additional £57bn of funding per annum.
Jon Neale, director of residential research at Jones Lang LaSalle,
commented: “For most young people, high prices and unrealistic deposit
requirements make homeownership unachievable and as a result many
households are now finding themselves in private tenancy. Given that the
mortgage market is likely to remain constrained in the near term, it is
not unfeasible that the expansion of the sector could accelerate."
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2 comments:
The government really need to take some measures to ensure that it is easy for people to get on the property ladder. It is sad that UK, despite being a welfare state, takes no action in making property ownership within its citizens reach. Renting property is always the option but what about people who dream of owning their propery.
There is no way that enough funding will be made available for BTL property as large depositsw are needed.
There is also no way that FTB will be able to afford to buy property and will have to learn to live a very cheap lifestyle whilst they save hard whilst living with their parents.
It will take about 4 years to save enough.
If they can't do thisd they will be stuck renting forever.
Mortgage credit will be constrianed for decades.
With the effective removal od rsidential IO mortgages nobody will be able to afford a property at 2007 proces for another 20 years.
No one will sell at a loss; they will just rent out.
As a consequence of the lack of mortgage finance at the correct LTV; house prices will remain where they are for decades unless interest rates go up; in which case they will reduce by about 25% and and then there will be meltdown in the housing market with a massive knock on effect on the economy.
There would be lots of bankrupt LL and the banks would take a massive hit so that they might need to be bailed out again by the government.
I don't think interest rates will be changed unless Labour get in and then the whole economy will go down the toliet and we will have to do what Greeece and Spain are going through.
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