Over the past decade, there has been an 80% increase in the number of people aged 55 to 64 in private rented accommodation, according to a new report from specialist lender, The Mortgage Works.

The lender's new Private Sector Report highlights this significant shift and notes that London continues to lead the rise in private renting across England.

Due to high house prices and, more recently, higher mortgage costs, nearly one in three (30%) households in the capital are renting privately, nearly double the rate in the rest of England.

Additionally, the proportion of landlords owning five or more properties has more than tripled, rising from 5% in 2010 to 18% in 2021. These landlords now control nearly half of all tenancies.

Damian Thompson, director of landlord at The Mortgage Works, said, “Understanding the dynamics of the private rented sector has never been so important.

“The sector continues to support the lives of millions of people across the UK by providing homes for those who either can’t afford to buy or prefer not to own a home.”

He added, “We look forward to understanding the new Government’s plans to create a stronger, fairer private rented sector, where legislation works for both landlords and tenants.

“The Mortgage Works report provides in-depth market analysis that will help identify trends and the critical areas we must collectively address if we are to make a difference.”