Private renters in England are staying in their homes longer than ever, challenging the narrative that tenants face widespread insecurity in the private rental sector (PRS). The latest English Housing Survey reveals the average tenancy length has risen to 4.6 years in 2023-24, up from 3.7 years in 2010-11, marking a steady increase over the past decade.
Claims of ‘insecurity’ questioned
These findings contrast with statements from Housing and Planning Minister Matthew Pennycook, who recently argued that millions of renters face “insecure, often substandard” conditions. Speaking at a housing conference, Pennycook stated, “There are millions of people in cold, damp, and mouldy substandard properties.”
He also dismissed concerns that ending Section 21 no-fault evictions could drive landlords away and reduce the supply of rental properties.
“A home doesn’t vanish in a puff of smoke [with the end of no-fault evictions],” he said, according to The New Statesman. “Someone might buy that home, the local authority might acquire that home, or it might go to a more professional landlord. So those homes don’t disappear.”
Pennycook added that fears of a landlord exodus are overblown: “I don’t think there’s any evidence of an exodus of landlords. None of the statistics bear this out. So I take that with a pinch of salt.”
Fewer renters planning to buy
The survey also revealed that the proportion of renters planning to buy a home has decreased over the last decade. In 2023-24, 57% of private renters (2.6 million households) said they expect to buy a property in the future, down from 61% in 2013-14.
However, optimism among those planning to buy remains steady. The largest group, 39%, expects to purchase a home within two to five years, an increase from 35% in 2022-23.
Movement in the private rental sector
In the past year, 1.8 million households moved home, with half of these moves occurring within the PRS. This includes 680,000 households transitioning from one privately rented home to another and 159,000 new households entering the sector. Additionally, 155,000 PRS households bought their own homes, demonstrating that for many, renting remains a step on the ladder to homeownership.
Broader implications
The data underscores the evolving dynamics of the PRS, with longer tenancy durations reflecting a more stable experience for many renters. However, concerns about affordability and quality remain, as highlighted by policymakers like Pennycook.
As the government presses forward with rental reforms, including the proposed Renters’ Rights Bill, the sector faces significant changes. The challenge lies in balancing tenant protections with maintaining a healthy supply of rental properties. For landlords and investors, these shifts will likely shape future strategies and investment decisions.
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