Private Rental Sector increases by 74% in Ealing
It has been two years since everyone filled in their census forms, and the results have started to come through. The property related figures are of interest to me and to most people as everyone can relate to them.
Over the last 10 years in the London Borough of Ealing, between 2001 and 2011, there have been over 6,059 new properties built. However the number of home owners have decreased by nearly 11,000. In 2011, 51% of households in the London Borough of Ealing were owned by the people who lived in them.
It is, however, the rented sector which has seen the most interesting rise in numbers. In 2001, 19,616 properties were rented from landlords in Ealing. In 2011 that figure has an additional 14,566 properties in the area, which means 34,182 houses in Ealing are rented. This is a rise of over 74.3% in 10 years, meaning that over 1 in 4 households now rent their home from a landlord.
On a national level in the UK and locally, we are seeing a cultural shift in favour of renting property rather than buying which looks set to continue. The figures show Ealing is a region of homeowners but the younger generation are now choosing to rent rather than buy, so could this be the time for you to become a landlord and take advantage of this growing market?
If you would like any advice when choosing properties, you may come and see us at our office on The Mall.