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Crumbling Home-Ownership Continues to Boost UK Buy to Let

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United Kingdom  Buy to Let  Rental Prices  London  Wales  LSL Property Services  Average House Prices  David Newnes  Campbell Robb 

Crumbling Home-Ownership Continues to Boost UK Buy to Let

By - Thursday 14 February 2013

According to the latest figures from LSL Property Services, the proportion of households who own their home has dropped to its lowest level since 1987 at 65.3%. Unsurprisingly the firm also reports that the rental sector continues to grow from strength to strength.

David Newnes, director of LSL Property Services, said:

"Sales activity and prices in London are charging along at a furious pace which is dragging national house prices up on its coat tails. Take the capital out of the equation and the average rate of house price growth in England & Wales falls to 1%."

On average, house prices have risen by £7,000 over the last year, with sales rising by 8%. LSL have calculated the average house price for January to be £227,478.

Campbell Robb, chief executive of Shelter, comments:

"As saving for a home of their own becomes increasingly out of reach, many have no choice but to live in rented homes for years on end."

Meanwhile rental prices continue to rise. The latest buy to let figures show that in January 2012, the average rent in England and Wales increased by 0.1% to £712 a month - equating to an annual rise of £30 - according to LSL Property Services, which owns the UK's largest lettings agent network.

While acknowledging this was a small rise, it said it was the first time since it began compiling the index in 2008 that rents rose on a monthly basis in January, and was the first monthly rise in three months.

Newnes said lettings agents had already seen a higher than normal level of competition for properties over the Christmas period, and that this activity had not abated.

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