Insurance News Archive

Buy to let insurance holders see number of renters rise by 1m

Posted by Jonathan Walker

The number of households renting privately from the likes of buy to let insurance policyholders has risen by around one million over the last ten years, according to research.

Figures from the Communities and Local Government department showed that private rental levels have increased from 2.1 million in 2001 to 3.1 million currently.

At the same time, there has been a significant fall in owner occupation as a proportion of all households.

The number of owner-occupiers in England has declined from 14.8 million in 2005 to 14.6 million in 2008-9, according to the report.

Over half of people currently renting from the likes of buy to let insurance policyholders expect to buy a home eventually, with 24 per cent of these anticipating stepping on the property ladder within the next two years.

Recent research by the Association of Residential Letting Agents found that the surplus of homes to rent is currently reducing as demand for property increases.

26 Feb 2010