As part of the provisional study into the Survey of English Housing (SEH), the DCLG indicated that 70 per cent of all housing tenure was taken up by owner occupiers, with social renters accounting for 18 per cent. 2.5 million people were classed as private renters, accounting for 12 per cent of the market.
However, the study also revealed that within the under-30 age group, the proportion of those people renting had increased to 41 per cent from the 2001 findings of 33 per cent.
The study also revealed that 60 per cent of private renters expected to buy their own homes, with 10 per cent of these looking to purchase the property they were currently renting.
The SEH report revealed an increasing number of people were also looking at the overseas market, with a rise in the number of English households with homes abroad, reaching 235,000, up from the 1997 findings of 115,000. The DCLG also reported a 30 per cent growth in the number of English households that owned second homes within England.
Commenting on the findings, Peter O’Donovan, mortgage manager at Bestinvest, said: “I think that with the recent Bank Base Rate rate rise, there could be a slow down of people renting, and if incomes start to catch up and mortgage lenders continue their move to affordability more people should be able to get onto the property ladder.”
