England’s PRS to exceed five million homes by 2025
England’s private rented sector is predicted to exceed five million homes by 2025, after almost 20% growth in the past 10 years.
Research by Ocasa, a specialist rental platform, recorded that England’s PRS has increased in size by 18.8%, from 4.1m homes to just shy of 4.9m in the past decade.
Regionally, the fastest growth over this period has been seen in the South West, where PRS stock levels have increased by 31.2% from 404,768 homes to 530,975 homes.
England’s private rented sector is predicted to exceed five million homes by 2025, after almost 20% growth in the past 10 years.
Research by Ocasa, a specialist rental platform, recorded that England’s PRS has increased in size by 18.8%, from 4.1m homes to just shy of 4.9m in the past decade.
Regionally, the fastest growth over this period has been seen in the South West, where PRS stock levels have increased by 31.2% from 404,768 homes to 530,975 homes.
The West Midlands market has grown by 25.4%, and the London market by 21.7%. In the North East, the number of PRS homes is 17.3% higher than it was 10 years ago.
Based on these historic growth trends, Ocasa has forecasted how PRS will perform in the future.
Taking England’s 18.8% growth over the course of a decade, Ocasa has calculated that, between today and 2025, dwelling stock totals could increase by a further 6.4%. This is equivalent to an additional 313,906 homes which will bring the national total to just under 5.2m.
The most new homes are expected to be added in London, with 68,336 predicted by 2025. The South East can expect 47,500 homes, and the North West 38,075 homes. The smallest increase in market size is forecast for the North East, where 13,291 homes will be added.
Jack Godby, sales and marketing director at Ocasa, said: “The government is trying to dampen the private rented sector by making it less and less cost-effective to purchase additional homes for investment purposes such as buy-to-let. But there is still a huge need for rented homes in England – not everyone can or wants to buy their own home.
“Perhaps the new PM’s latest tax incentives will give a boost to the market, but in order to ensure that there are enough good homes for those who need them, more still needs to be done to make buy-to-let more attractive for landlords.”
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