Countrywide comment on the findings of the English Housing Survey

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Successive governments have widely encouraged homeownership but the impact of the recession has led to a structural change in the market with record levels of tenant demand

Commenting on the findings of the English Housing Survey, Grenville Turner, Chief Executive of Countrywide, the UK's largest property services Group, said;
"The UK has traditionally been a nation of homeowners and whilst millions still aspire to buy their own property, current market conditions make that more challenging than usual. Our agents saw a 17 percent increase in new buyer enquires during 2010 but market transaction levels remained flat[1].

"Successive governments have widely encouraged homeownership but the impact of the recession has led to a structural change in the market with record levels of tenant demand. As the UK's largest letting agent we have seen a 37 percent increase in new tenant applications during 2010 with 4.5 tenants vying for every available property[2]. We are now beginning to see a shift in attitude, as a whole new generation is growing up choosing to long-term rent and the average age of a first time buyer has risen to 37[3].Record levels of tenant demand and a severe shortage of stock in the private rental market is a national issue which needs addressing."

To view the finding of the English Housing Survey, visit
http://www.communities.gov.uk/publications/corpora...

Sources:
1 Countrywide new applicant enquiries (2008 vs. 2010)
2 Countrywide tenant applications vs. available rental stock. There were 2.3 tenants vying for every available property in 2009, which grew to 4.5 in 2010.
3 CLG: Fist time buyers statistic http://www.communities.gov.uk/news/corporate/1845028

http://www.countrywide.co.uk