For the first time in generations there are more people living in the privately rented sector (PRS) than in social housing sector, according to new Government data.
Figures show 3.84m private rented households compared to 3.81m social rented households, according to the English Housing Survey.
Essential Living recently acquired the Archway Tower and, backed by $200m of equity from M3 Capital Partners, is building 5,000 homes for rent across London and the South East.
Darryl Flay, chief executive of Essential Living, said:
“Fiscal and demographic pressures have created a ‘perfect storm’ for PRS demand in recent years. I can’t see that changing over the next decade and it’s surely the kind of certainty institutions seek.
“It’s notable though that most of the interest in UK rental has come from abroad. Foreign players get it. Critically, they perceive risk differently from UK firms. They see fervent rental sectors in their own backyards in America or Europe, with government that recognise the place PRS has to supply a very specific housing need.”
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