This has been attributed to a lack of easily available private mortgages and increased house prices, meaning that families have been able to afford to live in a more desirable home by renting than they could afford by buying.
This has led to an ageing population of renters and over 60% of the renting demographic is now made up of those over the age of 30.
These statistics explain why we are now seeing more mature tenants with families taking properties. This is also good news for landlords as the calibre of tenants is likely to improve.
With a growing population of lifetime renters, increasing the amount of good quality, affordable rental accommodation is essential to meet this demand. This is therefore a better time than ever for investors to join the buy-to-let market. If you would like any advice about buy-to-let, we would be very pleased to assist.