A new government report has highlighted how vital the private rented sector (PRS)is to the UK property market.
The Department for Communities and Local Government report found that the number of households renting privately rose to 3.1 million in 2008-2009, accounting for 14.2 per cent of all homes in England.
Other findings from the report included that just under half of renters were planning to rent long-term (41 per cent) and an overwhelming 83 per cent were satisfied with their homes.
Nigel Terrington, the chief executive of Paragon, said: "The Government must recognise the importance of the PRS to the UK's housing needs and foster an environment that encourages the continued investment in the sector by individual landlords.
"It needs to ensure that the sector isn't dominated by red tape and that there is available finance to enable landlords to expand the number of properties in the PRS.
"If the sector is unable to grow to meet demand, we are likely to experience rental inflation and people, including the most vulnerable households, being priced out of the sector."
See Also: Property News (6711)
Date Published: 26 February 2010
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