It has been nearly 18 months since everyone filled in their census forms, and the first sets of results are starting to come through. The property related figures are of the most interest to me and to most people as everyone can relate to them.
Over the last 10 years in South Kesteven, between 2001 and 2011, there have been over 5,850 new properties built and of this number, an additional 2209 are homeowners. In 2011, 40,311 of the 57,344 households in South Kesteven are owned by the people who live in them, which is 70.3%. We have compared this to nearby towns, such as Boston where 64.7% own their own home, and Lincoln where only 55.7% of people own their own home. In Melton Mowbray over 73.1% own their own home.
It is, however, the rented sector which has seen the most interesting rise in numbers. In 2001, 4,501 properties were rented from landlords in South Kesteven. In 2011 that figure has an additional 3,888 properties in the area, which means 8,389 houses in South Kesteven are rented. This is a rise of over 86% in 10 years, meaning that nearly 1 in 7 households now rent their home from a landlord.
On a national level in the UK and locally South Kesteven, we are seeing a cultural shift in favour of renting property rather than buying which looks set to continue into 2013 and beyond. The figures show South Kesteven is a region of homeowners but the younger generation are now choosing to rent rather than buy, so could this be the time for you to become a landlord and take advantage of this growing market?
If you would like any advice when choosing properties, you may come and see us at our office on St Peters Hill, or email us at grantham@belvoirlettings.com
