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Why is renting at its highest rate for over 30 years?

Buying a house is a key milestone in many people’s lives. However, owning a house is now said to be nothing short of a dream for millions of individuals in the UK. With many people now demanding rentals as a form of long-term housing, the private rented sector has doubled in size and the number of UK home owners has reached its lowest level since 1985.

Why is renting at its highest rate for over 30 years?

Throughout the past few decades the property market has witnessed an increase in the number of private rented housing. An inflation in house prices alongside the challenge of saving for a house deposit are said to be the cause for this movement. With levels of pay increasing slowly in comparison to the rising prices of property and everyday life, potential buyers have found it substantially difficult to save any income due to higher expenditure. Such circumstances have resulted in many middle age individuals being unable to afford a first home. These financial pressures have resulted in individuals choosing to rent or continue as tenants rather than opting to purchase a house.

It can be argued that whilst renting offers flexibility, it also offers uncertainty. Whilst many people may decide to rent as they can move around freely, it can be devastating when a tenant is served with a S21 or S8 notice or their deposit is not protected, causing them to experience a loss. Our Dispute Resolution Team can identify whether the notices have been prepared correctly and can also help to obtain compensation for your financial losses. To ensure that tenancy agreements are drawn up appropriately our Team can draft an agreement to protect the Landlords position and can advise on gaining possession of their property and eviction to avoid Court Proceedings if the tenant chooses to seek legal help.

Renting out a property is a common venture which people pursue for additional income or as a career. It is often thought to be an easy, cost effective process however there are many implications. From advising on renting to reducing the risks of conflicts between Landlords and Tenants to buying a residential property, Hodgkinsons Solicitors can help you. Our Property and Dispute Resolution Solicitors can advise you on any property or dispute matters whether you are a landlord or tenant.

In conclusion, ownership is either out of financial reach or is simply unsuitable for an individual’s current situation, which is why more people are opting to rent. Here at Hodgkinsons Solicitors Skegness our Dispute Resolution team can represent either Landlords or Tenants when a dispute arises. To discuss such a dispute, whether you live locally in Lincolnshire or further afield, call us on 01754 897150 or fill out a contact form.