Twenty years ago, the majority of the UK population were either owner-occupiers or tenants in social housing and private rented accommodation was often seen as a short-term solution or a last resort for the desperate. But to paraphrase Bob Dylan, the times they are a changing, and private landlords are fast becoming a major fixture in the UK housing market as millions forget their dreams of owning their own home and move into rented accommodation instead.
In the decades since the Tories gave council tenants the “right to buy”, the number of council owned properties available to prospective tenants in the social housing sector has fallen dramatically. These days, unless you are able to tick an awful lot of boxes, your chances of securing a council house are pretty dire. Buying a home is not much easier. Most of us are all too familiar with the problems facing prospective owner-occupiers: even if you can afford the monthly mortgage payments, your chances of raising a 30%+ deposit are not good if you are a first time buyer hoping to purchase your first home.
As such, private rented housing is becoming increasingly important in today’s housing market and as many as 14% of UK households live in private rented accommodation. With the cost of living continuing to rise, politicians are beginning to realise just how crucial the private rental sector is for the provision of housing in the UK today, as without the contribution private landlords like us make to the housing market, an awful lot of people would currently be homeless.
