The private rental sector will continue to grow in the near future, according to an industry expert.
Lucy Jones, operations director at LSL Property Services, said the industry has remained relatively stable in recent years, especially when compared with the "broken rollercoaster" purchasing market.
Speaking at a Council of Mortgage Lenders conference, she predicted that by the middle of the decade at least 20 per cent of the population will be living in rented accommodation.
"Renting was the future before the recession, it cushioned many during, and it’s still the future for millions," Ms Jones stated.
The LSL director also made predictions about the future cost of rental and forecast average rents could reach £800 per month by the middle of 2015, which would represent a 21 per cent increase since 2010.
However, she added there will be pronounced regional variations, with the typical cost of renting in London - which is already 109 per cent higher than the north-east - set to grown at a faster pace than in other parts of the UK.
Ms Jones concluded by claiming the sector is set to "flourish in the recovery" and may even outdo its performance in the recession.
Speaking at a Council of Mortgage Lenders conference, she predicted that by the middle of the decade at least 20 per cent of the population will be living in rented accommodation.
"Renting was the future before the recession, it cushioned many during, and it’s still the future for millions," Ms Jones stated.
The LSL director also made predictions about the future cost of rental and forecast average rents could reach £800 per month by the middle of 2015, which would represent a 21 per cent increase since 2010.
However, she added there will be pronounced regional variations, with the typical cost of renting in London - which is already 109 per cent higher than the north-east - set to grown at a faster pace than in other parts of the UK.
Ms Jones concluded by claiming the sector is set to "flourish in the recovery" and may even outdo its performance in the recession.
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