A rising number of Brits in their thirties and forties priced out of the housing market are embracing renting, the boss of property firm Grainger said on Thursday.
Helen Gordon said her business, the UK’s largest listed residential landlord, has seen a rise in the number of renters in the 35-44 age bracket, particularly in the capital.
She added: “That is partly because our flats are seen as an attractive alternative to people priced off the housing ladder. But, there has also been a mindset change in society: not everyone feels the need to own anymore.”
The chief executive also pointed to the number of smaller buy-to-let landlords leaving the sector ahead of new tax changes, fuelling demand for professionally run rental homes developed by companies like Grainger.
Grainger, which operates around 8400 rental homes, plans to develop 8200 more.
It last month won a contract to work with Transport for London on creating 3000 homes above or near stations such as Arnos Grove and Cockfosters.
Net rental income rose 33% to £29.1 million in the six months to March 31. Pre-tax profits increased 7% to £54.3 million and it is lifting the dividend by 10% to 1.73p per share.
The shares rose 1.6p to 259.8p.
