The extent of Britain’s housing crisis has been laid bare by a new report from the real estate consultancy Knight Frank.
Rising property prices and stagnant wages leave increasing numbers of people with little alternative to renting. Over the next five years the number of renting households is forecast to increase to around 5.79 million, or 24 per cent of the total, up from about 21 per cent today. More alarmingly, renters across the UK spend an average of 62 per cent of their income on rent.
A YouGov survey of more than 10,000 tenants and 26 major investors also found that while at least three-quarters of UK renters are living in homes owned by private landlords, they will increasingly rent from large-scale institutional landlords such as city firms and property companies investing in the growing Build-to-Rent or multi-housing sectors.
James Mannix, head of residential capital markets at Knight Frank, said of the report: …
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