PwC predicts fall in homeownership and greater use of PRS

A report from Pricewaterhouse Coopers suggests that Northern Ireland could have amongst the lowest level of homeownership in the UK by 2025.   PwC predicts that renting privately is likely to boom in the coming decade, particularly amongst 20 to 39 year olds. 

The drivers behind the anticipated growth in private renting are relatively low levels of housebuilding and a more youthful demographic.   The cost of buying a home in Northern Ireland increased by 10.3% in the year to October 2015 while the Royal Insitution of Chartered Surveyors has warned that supply issues could force prices up further.  RICS has predicted that rents will increase alongside property sale prices. 

PricewaterhouseCoopers has predicted that these factors will result in a 14% fall in homeownership and a 20% rise in private renting by 2025. 

Reviewing the private rented sector

Housing Rights has just submitted its response to the Department for Social Development's review of the private rented sector.  We've argued that there is a need for many real changes to how the private rented sector is regulated in Northern Ireland and chief amongst our requests are

• the introduction of mandatory landlord licensing
• action on key issues relating to affordability, including improving the operation of the tenancy deposit scheme  
• the regulation of letting agents and regulation of fees for letting and tenancy services
• increased security of tenure for those living in the sector including the introduction of the option of longer more secure tenancies
•  an independent dispute resolution service to prevent homelessness and help sustain private rented sector tenancies
• replacing the current minimum fitness standard with a more comprehensive Health and Housing Safety Rating System.

Renting privately in Northern Ireland

Find out more about the current protection afforded to private tenants and landlords in Northern Ireland and about the laws that apply by attending Renting Private in NI: The Definitive Guide. You can find out more about planned policy and legislative changes that will impact on the private rented sector at our Annual Housing Law Update, a regular briefing session covering the latest and forthcoming changes to housing policy and legislation.