Further falls forecast in home ownership as private rental sector grows over next decade
Further falls forecast in home ownership as private rental sector grows over next decadeBy nicematin-immo.com 0 comments
Within the first 25 years of this century, home ownership will have fallen 9.5% across the UK, and private renting will have gone up 14.5%.
The forecast, which could have major implications in terms of forward planning for the agency sector, comes from business group PwC (PricewaterhouseCooper).
It says that home ownership stood at 69% in 2000.
By 2014 it had dropped to an estimated 61.5%, and by 2025 it will have fallen further to 59.5%.
Of private renting levels, in 2000, 9.4% of households were renting; by 2014 the proportion had risen to 19.9%; and by 2025 the proportion will be 23.9%.
The biggest fall in home ownership will be in London, with a drop of 19.2% in 2025, compared with 2000 figures, accompanied by a 24.4% rise in private renting.
If the figures prove correct, it would mean that around 40% of Londoners would own their own home, with 60% renting – mainly in the private sector.
According to PwC, all regions and countries within the UK are expected to experience falling levels of home ownership and rising levels of private renting over the next ten years.