Over 1.5m homes go from owner-occupation into private rented sector
Two million homes have changed tenure in the last decade.
Almost all – 1,550,000 homes – have gone from being owner-occupied to rental.
The remaining 550,000 have gone from being rental to owner-occupation.
The research by Countrywide also says that 700,000 new homes built since 2005 have found their way into the private rented sector.
Johnny Morris, director of research at Countrywide, said: “The rapid growth of the private rented sector has to come from somewhere.
“While the tenure may change, the physical home remains.
“The sector has been growing since 2005 but the number of home owners has fallen in each of the last ten years.
“This scale of shift in tenure shows that the current push from the Government to increase the number of home owners is unlikely to be enough to reverse the decline.
“Although landlords and first-time buyers might not appear natural bedfellows, because they tend to look for similar types of homes they do end up selling to each other.
“Many landlords face a choice ten to 15 years after buying a home, between refurbishing the property or selling it.
“Those landlords who choose to sell up offer an opportunity to first-time buyers willing to put some work into their first home, often adding to its value.”