House prices in the UK have increased by over 80% throughout the last decade, primarily driven by the increase in value of properties in the rental market, property portal Boomin reports.
Research by the platform analysed the number of privately rented and owner-occupied properties in the market and compared this with the total value of each market whilst assessing how each has changed over the last decade. With figures showing that the combined markets are valued at £7.4 trillion, this research has shown an 80% increase in the demand over the last decade, with the rental market alone valued at £1.5 trillion.
As the younger generation continues to prioritise the privately rented lifestyle in favour of its flexibility and affordability, Boomin states that this change has become evident in their data; with the housing market increasing by 75% in value over the last ten years, whilst homes in the rental sector have experienced a 105% market value increase throughout the same period.
Michael Bruce, Chief Executive Officer and Founder of Boomin has stated that there has been a far greater level of value growth across the private rental sector of the UK to accommodate the new millennial way of living, and this trend is apparent across all regions of the nation throughout the country. Bruce also added that those who have invested in property over the past decade have ‘won’, especially property investors and landlords, as the rise in value across the private rental sector has driven demand and price increases within this housing market.
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