Ok, a slight turn of phrase there on the classic, an
Englishman’s home is his castle but when it comes to the UK the Brit’s are still a nation of homeowners.
It is interesting to
note that up until the mid to late 1960’s, more people rented their home
(albeit mostly from the local council) than owned their own. In fact, I was
surprised to read that in 1921, over 75 % of homes in England and Wales were
privately rented with the remaining 25 % being owner occupied.
It was only after the Second World War, when the Beatles
were rocking, that people started to buy instead of rent .. but instead of
owning our property outright, we borrowed money from banks and building
society’s to buy them. The roots of the
growth of the private rental sector can be drawn back to the late 1970’s early
1980’s, when the council houses began to be sold off under the right to buy
scheme. Even though 15,010 households
in Melton were owner occupied, in 2001 and
that number had increased to 15,498 households by 2011, the percentage of
homeowner properties in Melton dropped drastically from 76.5 % to 72.1 %. This
was because whilst an additional 1,875 properties were built in Melton between
2001 and 2011, a lot of them were bought
as buy to let investments, thus more than doubling the number of private rental
properties in Melton. In fact, the
number of properties in Melton, that were privately rented jumped from 1,567 in
2001 to 3,054 in 2011!
With stagnation in the number of people who own their home in
Melton and no more council houses being built, this is increasing the number of
people looking to renting. With the Melton Borough Council house waiting
lists being in the 5 to 10 year range for a decent property in a decent
location, it shouldn't be forgotten that it is Melton landlords who house tenants waiting for a council house. Melton
landlords do not receive any subsidies from HMRC and income tax is paid on rent
paid by the tenant combined these reduce the cost on the tax payer.
However, it’s not all
doom and gloom in Melton, as we have noticed more and more of the younger
generation are renting because they can‘t afford to buy (raising a deposit
being the sticking point for most), and a high percentage of the expansion in
private renting actually from those who need and want temporary accommodation. There
are even a few landlords who rent their own Melton property out for the short
term, for ease, and not necessarily purely for profit.
Amazing post, big thanks.
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