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Number of households renting privately hits 3.4 million

The number of households renting privately in England has risen from 2.4 million in 2005-06 to 3.4 million in 2009-10, the Communities and Local Government’s English Housing Report shows.

Nigel Terrington, chief executive of Paragon, says the data vindicates his firm’s long-held view that the private rental sector is a growing and fundamental component of the UK housing market.

He says: “The CLG’s figures highlight the growing number of people relying on the private rented sector to provide their housing needs.

“Demand for privately rented property is at an unprecedented level and far outweighs supply.

“The resulting rental inflation is leading to people, including the most vulnerable households, being priced out of the sector at a time when the supply of social housing is in decline.”

Terrington believes buy-to-let mortgage finance needs to be able to meet this demand.

“With Capital Economics estimating that the private rented sector will be home to nearly one in five households by 2015, it is crucial that adequate levels of buy-to-let mortgage finance are available to enable landlords to expand the number of properties in the PRS.”

The government data also reveals the private rental sector now accounts for 15.6% of all households in England, which is up from 14.2% in 2008-09 and 11.7% in 2005-06.


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Infographic — health cash plans 2014

Health Shield has strengthened its position in the cash plan market, according to the latest Laing & Buisson report, increasing its market share by income from £27m in 2012 to £29m in 2013. The Health Cover UK Market Report 2014 revealed that the non-profit-making Friendly Society was the only provider in the top four to have increased its market share by income over the past year. Health Shield was also the only cash plan provider in the top four to have increased its market share by income every year for the previous five years. This infographic presents the figures.


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