Ok, a slight turn of phrase there on the classic, an
Englishman’s home is his castle but when it comes to the UK the ‘Brit’s are still a nation of homeowners ‘(although
wasn’t it Napoleon who thought we were all shop keepers!). It is interesting to
note that up until the mid to late 1960’s, more people rented their home
(albeit mostly from the local council) than owned their own. In fact, I was
surprised to read that in 1921, over 75% of homes in England and Wales were
privately rented with the remaining 25% being owner occupied.
We have also noticed more and more of the younger generation are renting because they can‘t afford to buy (raising a deposit being the sticking point for most), and a high percentage of the expansion in private renting actually from those who need and want temporary accommodation.
Therefore, with every report stating the rental market will continue to grow throughout the rest of this decade, with high demand and limited supply in the Plymouth, if you are considering buying a property for investment in the near future in Plymouth, I am always happy to give you my considered opinion on which property to buy (or not as the case may be) to give you what you want from your investment. If you are a landlord, new or old, I am certainly more than happy for you to pick up the phone or visit the Plymouth Property Blog www.plymouthpropertyinsight.co.uk
It was only after the Second World War, when the Beatles
were rocking, that people started to buy instead of rent .. but instead of
owning our property outright, we borrowed money from banks and building
society’s to buy them and the roots of the growth of the private rental sector
can be drawn back to the late 1970’s early 1980’s, when the council houses began
to be sold off under the right to buy scheme. Even though 65,386 households in Plymouth
were owner occupied in 2001 and that number had only dropped to 64,157
households by 2011, the percentage of homeowner properties in Plymouth dropped
drastically from 63.76 to 58.69%. Why, because whilst an additional 6,767
properties were built in Plymouth between 2001 and 2011, a lot of them were
bought as buy to let investments, thus more than doubling the number of private
rental properties in Plymouth. In fact, the number of properties in Plymouth,
that were privately rented jumped from 11,356 in 2001 to 19,431 in 2011!
With stagnation in the number of people who own their home in
Plymouth and no more council houses being built, this is increasing the number
of people looking to renting, as everyone needs a roof over their head. With
the Plymouth City Council housing waiting lists being in the 5 to 10 year range
for a decent property in a decent location, it shouldn’t be forgotten that it
is Plymouth landlords who house tenants waiting for a council house. Plymouth
landlords do not receive any subsidies and income tax is paid on rent paid by
the tenant. 
We have also noticed more and more of the younger generation are renting because they can‘t afford to buy (raising a deposit being the sticking point for most), and a high percentage of the expansion in private renting actually from those who need and want temporary accommodation.
Therefore, with every report stating the rental market will continue to grow throughout the rest of this decade, with high demand and limited supply in the Plymouth, if you are considering buying a property for investment in the near future in Plymouth, I am always happy to give you my considered opinion on which property to buy (or not as the case may be) to give you what you want from your investment. If you are a landlord, new or old, I am certainly more than happy for you to pick up the phone or visit the Plymouth Property Blog www.plymouthpropertyinsight.co.uk
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