Generation Rent: Landlord vs Millennials
As the cost of rent continues to rise, research from the Association of Residential Lettings Agents found that first time buyers who buy a house this year will have spent a total of £52,900 on rent in their lifetime. What’s more, the report also suggests UK tenants spent nearly a quarter (22%) of their wages on rent last year.
By 2025, it is estimated that 60% of London property will be rented with just 40% of the capital’s population owning their own home according to PwC UK. Home ownership peaked in the UK in 2007 and has been on the decline ever since, with Northern Ireland seeing the biggest increase of renters.
With Generation Rent comes a huge problem; rogue landlords. Thousands of people every year fall victim to landlord scams and rental fraud. There have been 580 housing prosecutions in London under the Housing Act 2004, between 2011 and 2014. The data reveals 2,006 individuals and companies were fined a total of £3m for housing offences. The Ministry of Justice was ordered to release its prosecution figures by an information tribunal after an appeal by Environmental Health News magazine. However many believe these figures should be released as a matter of course to help spread awareness especially as renting property continues to be on the rise.
Open Property Group are a professional house buying company and buy all types of vacant or let property throughout England and Wales.
OPG specialise in buy to let property purchasing which suit landlords who want to cash in property quickly without disrupting the tenants.
Homeowners benefit from a quick sell house fast process , with a completion date fixed to the owners requirements. By selling directly, you pay no agent fees, and can plan ahead with certainty. We also pay your agreed legal costs too.
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