Recent figures show that the number of people who own a property in the UK has fallen to a 30-year low – with many unable to afford to buy. Here’s an overview of the situation, and how it affects investment properties for sale in this country.
According to the figures, which were gathered by the Resolution Foundation, just 64% of the country’s population owns its own home. This is a stark contrast to just 15 years ago, when the percentage was 71%.
Affordability is at the root of the problem, with potential first-time home-buyers particularly struggling to get a foot on the housing ladder.
Just the Capital?
London’s affordability crisis is well-documented – which is why such a substantial proportion of the capital’s population are in rented accommodation; good news for those seeking investment properties in London, but not such good news for those who wish to buy their own home.
However, the issue isn’t just restricted to London and the south-east. Other areas are experiencing low levels of home ownership, such as Greater Manchester, South Yorkshire, West Yorkshire and the West Midlands Metropolitan region.
Rising Rental Market
As a consequence, many people are being forced into rented accommodation. Indeed, figures show that the number of people living in rented houses has almost doubled since 2003 – rising from 11% to 19%. Regrettably, the issue is something of a vicious circle, as tenants spend a significantly higher proportion of their salary on renting their house than their home-owning counterparts – which makes it harder for them to save for a deposit.
Implications for Landlords
With the current housing situation being as it is, there’s never been a higher need for landlords in the UK. Demand is outstripping supply in the rental market, and tenants are actively seeking accommodation in a number of areas across the country.
As a result, investing in property in the UK is a wise move at present – especially if you’re looking for buy-to-let property for sale. Buying a house at auction offers particularly good returns, and generally speaking, you can expect to save as much as 15% off general market price, which equates to thousands of pounds. Likewise, working with a property investment agent is also advisable, especially if you’re looking to build a property portfolio.
The Buy2Let Shop in Bromley
If you’re investing in property in the UK, and want to find out more about the current property market, speak to The Buy2Let Shop team. We hold regular property seminars in London, designed to improve your knowledge of the market and support your investments. Our team are also on hand to assist with buying a house at auction, and have a range of properties on their books, not available to the general public.
To find out more about our services, simply visit The Buy2Let Shop website today.