More people will rent than have a mortgage by 2024

More people will rent than have a mortgage by 2024
More people will rent than have a mortgage by 2024

The UK’s property market will be made up of more tenants than people with a mortgage within the next seven years.

New findings from NatWest suggest the point at which there are more private renters than mortgaged homeowners is set to occur in late 2024, when the number of mortgaged households is expected to dip below six million.

Allison Thompson, managing director at property specialist Leaders, says the trend marks the continuation of a cultural shift in the property sector that has seen the rental market expand at a rapid rate in recent years.

“At both ends of the age spectrum, people are less reliant on mortgages than before. While older homeowners find they can more easily pay off their mortgages, many young people are unable to get on the property ladder due to the difference between salaries and house prices,” she explains.

“The result is that the number of properties owned outright without a mortgage is rising quickly, as is the size of the rental market as more people turn to renting a home for a variety of reasons. These include not only being unable to afford to buy, but also the greater flexibility that comes with renting and is important to people with changeable work, social or school requirements.

“While the number of people in social rented accommodation is predicted to fall slightly over the coming years, the private rented sector will boom, which also creates perfect conditions for landlords looking to buy to let.”

In 2015, the English Housing Survey revealed more people owned their home outright than had a mortgage on it for the first time.

For more information on letting or renting a property in your area contact your local Leaders branch or visit

Construction projects increased by 20 per cent in August as housebuilding thrives

In what is traditionally a slow summer month for construction, August turned out to provide a welcoming boost for the construction industry, as the value of new contracts awarded reached £5.8 billion based on a three month moving average, resulting in a 7 per cent increase on the month and the highest recorded figure since […]

Revealed: Most common reasons landlords deduct money from tenant deposits

A multitude of issues have the potential to force a landlord to deduct money from a tenant’s deposit to pay for repairs, with a new study revealing broken furniture to be the most common cause of all. Breaks to chairs, tables and other items are the most common reason behind landlords withholding cash from a […]

One in four Brits are constantly decorating their homes

Brits are renowned for being house proud and now, new research has revealed that in fact, we’re a nation that is never truly satisfied with our homes. A survey of 1,000 UK homeowners carried out by interiors etailer, found more than half (55%) of Brits say they have a room in their house that currently […]

Can you get a mortgage on auction properties?

This is one of the most frequently asked questions and is the element which often leads to the most confusion from buyers. Our Auctions Director Simon Clayton explains when you can and can’t use a mortgage to finance your auction property purchase. “Yes, you absolutely can get a mortgage on SOME auction properties, but not […]