22025_The Future of UK Housing Supply_v2

A GROWING NUMBER OF RENTERS

People are becoming more footloose. Career exploration is more common, more paid sabbaticals are being offered, and flexible working has facilitated a rise in digital nomads. Key life stages are happening later. The average age of first marriage has increased, and a record number of women will enter their 30s without children in 2020. These behavioural changes influence how renters want to live. In the city of 2040, there needs to be greater flexibility in tenure length and a greater range of living products to suit their needs.

The number of private renter households in England has increased from 3.6 million in 2010 to 4.4 million in 2021 (English Housing Survey) and we expect this to increase. Longstanding affordability constraints and behavioural shifts have facilitated continued demand for rental accommodation. The notion that renters move out of the market in their early 30s and buy a home is a diminishing idea thanks to stretched affordability among buyers. There is also a greater diversity of tenants, with more older people and families renting, and these types of tenants are staying longer. However, affordability constraints are not the only reason people rent. Renting allows people flexibility, supporting the behavioural changes we have seen over the last decade.

KEY STATS FOR THE REPORT:

50.1%

THIS IS NOW 36.1 - 2 0 2 0 - THIS IS NOW 38.4 - 2 0 2 0 -

FEMALE AVERAGE AGE OF FIRST MARRIAGE IN THE UK IN 2011 WAS

OF WOMEN IN ENGLAND AND WALES BORN IN 1990 WERE WITHOUT A CHILD WHEN THEY TURNED 30 IN 2020

33.8%

MALE AVERAGE AGE IN 2011 WAS 36.1

17.9%

OF THOSE BORN IN 1941

17 The Future of UK Housing Supply |

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