U.K. Rental Property Market

• The rental market in England is estimated at £66.7 billion, calculated from over 4.5 million private tenants each paying £10,128 yearly, and more than 3.9 million social renters each paying £5,304 a year.
• "London is the U.K.’s largest rental market with about 30% of rental supply."
• The average cost of renting a property in the UK during the final quarter of 2019 was £886 per calendar month.
• According to the Office of National Statistics, private rental prices grew by 1.3% in England, 1.1% in Wales and 0.8% in Scotland in the 12 months to May 2019."

Insights on the U.K. Rental Property Market

• Unaffordable rent: with over 5 million households living in privately rented accommodation in the U.K., private rents are currently slightly above the 30% of income standard benchmark. The challenge of rent affordability is most prevalent among young people, with 22-29 year-olds on average having to spend 53% of their income for rent in London.
•  Generation rent: many young people are locked out of purchasing a home and have turned to renting, "with no ambition towards buying." "The proportion of 16-24 year-olds renting privately has risen from 51% in 1998/99 to 73% in 2017/18 and from 20% to 46% for 25-34 year-olds."
• High demand, low supply of rental property: in 2019, "the number of prospective tenants looking for a rental home rose 23% annually, while the supply of rental properties fell 19% in the same time frame."
• "Rents are expected to rise in the buy-to-let market between now and 2024, with an average 15.4% increase UK-wide in rents."

Summary of Findings

• In the first hour of research, we were able to provide the value of the U.K. rental market, and some insights that provide a broad understanding of the market.
• In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address the stated goals.