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The Association of Residential Letting Agents and the National Association of Estate Agents with help from the Centre for Economics and Business Research have pulled together to have a stab at seeing the future.
They've published a report, Housing 2025, making predictions for the UK property market ten years from now.
Key points are -
- Homeownership dropping from 62% to 55%.
- The private rented sector growing from 20% to 29%.
ARLA's, managing director, David Cox, said
'Buying and renting a home is a giant step, and is out of reach for many. Rent costs are already growing at a rate that people are struggling to keep up with, and they're due to become even less sustainable over the next decade – particularly when the new landlord tax sets in, which will put off many would-be landlords from entering the market. If we're to see the property market lifted out of its current state, we need to help the rental market from top down as well as bottom up, ensuring landlords are not penalised for their choice of income, and they can in turn give tenants the best possible price and service they deserve.
The Chancellor has introduced a number of changes to the buy-to-let market, including a reduction in the tax relief that landlords can claim on their rental income, and an increase stamp duty charge of 3 per cent on those buying a second home.'
NAEA, managing director, Mark Hayward argues:
'House prices are only going to go one way, and unfortunately that is up. For so many already priced out of the market, this is news aspiring house buyers will not want to hear. Ongoing house price inflation, combined with low wage inflation, tighter lending restrictions and a shortage of affordable housing, means owning a home will continue to be distant dream for many. Increased rental costs will also make it more difficult for current renters to save for a house deposit as much of their income will be eaten up in rent.'
Although it's not quite Star Wars, you might want to read their vision of our future in full -
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