Private rental sector surpasses commercial property
The UK's private rental sector is now worth a combined total of £500 billion - more than all privately owned commercial property.
Issuing its latest report on the market, the Association of Residential Letting Agents (ARLA) concluded that private lettings will continue to outpace commercial real estate in the long-term.
It cited the continued shortage of UK homes, noting that countless construction projects have been put on hold because of the credit crunch, meaning the situation is unlikely to change in the near future.
The report, by professor Michael Ball of Reading University, forms part of a wider study into residential housing which has been commissioned by the National Federation of Property Professionals.
Commenting on its findings, ARLA head of operations Ian Potter said: "It was as a result of the appalling effects on young owner occupiers last time that ARLA took the initiative and launched buy-to-let to re-build and re-finance the private rented sector."
He labelled that move "remarkably successful," adding that Dr Ball's prediction of ten to 15 per cent rises in rents will do little to undermine demand for flats to rent in London and elsewhere.
Published 17th July, 2008
© 2008 Estates IT Limited
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The UK's private rental sector is now worth a combined total of £500 billion - more than all privately owned commercial property.