Private renting doubles in decade
THE number of people renting homes from private landlords has nearly doubled in the last decade, jumping from 2.5 million in 2002 to 4.8 million, according to a report by Savills and Rightmove.
The study predicts that one in five households could be in private rental accommodation by 2016, which would require an additional 1.1 million rental homes.
The report forecasts that a £200bn investment will be needed, but says that only £50bn of this is expected to come from buy-to let-funding.
It says the gap could be filled by institutional investment in new build-to-let accommodation, but say returns compared to other investments will dictate the speed of development.