Three million renters in the UK by 2021

16 2008
The UK could have over three million renters by 2021, according to new research released today (June 16th).

As mortgage lenders continue to tighten criteria for their products in the current housing slump, young would-be buyers are increasingly turning to renting as a more affordable alternative.

Now analysts Hometrack have suggested that at least one in five new homes will need to be designated for renting by 2021 in order to meet demand.

Responding to the findings, Mark Allan, chief executive of Unite Group, said: "For the private rented sector to become recognised as a serious player within the housing agenda, the sector needs to break out of its existing mould and learn from other customer facing businesses.

"The sector needs to focus on delivering a product and service that is geared and marketed to their customers' needs.

"Being customer focused and demand driven is a precursor to attracting institutional investment, one of the primary opportunities for future growth."

The current proportion of homes being built for renting stands at just 12 per cent, while the projected number of renters for 2021 compares to a total of 2.4 million in 2001.

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