With Bingham youngsters not able to buy their own property, my research would suggest the progressively important role the private rented sector has been playing in housing people in need of a roof over their head.
So who rents in Bingham? According to some detailed statistics from Durham University just released, for the Bingham Borough Council area, the current situation regarding social status of tenants shows some very interesting points. Using the well known Demographic ABC1 grade classifications which refers to the social grade definitions (which describe, measure and classify people of different social grade and income and earnings levels, for market research, social commentary, lifestyle statistics, and statistical research and analysis) this is what I found out.
Of the 9,910 tenants who live in a private rented property in the Bingham Borough Council area, 27.37% (or 2,712) of those tenants are classified in the AB category (AB Category being Higher and intermediate managerial / administrative / professional occupations), compared to 39.09% owner occupiers who own their property without a mortgage or 4.85% who rent their property from the local authority.
Looking at the C1’s (C1’s being the Supervisory, clerical and junior managerial / administrative / professional occupations), of the already mentioned 9,910 tenants in the area, an impressive 4,348 of them are considered to be in the C1 category (or 43.87%). Again, when compared with the owner occupiers who own their property without a mortgage, that figure stands at 31.27% and 16.22% who rent their property from the local authority.
This means 71.24% of tenants are considered white collar professional people in Bingham
The fact is that private tenants are moving up the social ladder and whilst back in the 1960’s and 70’s, the private rented sector in Bingham (and the rest of the UK) has customarily been viewed as a temporary tenure for 20 somethings before they bought a property, the increase in renting in Bingham, which I have talked about many times in the Bingham Property Market Blog may be a reflection of increasing difficulty for this group in accessing other tenures, but may also be a reflection that people nowadays choose to rent long term instead?
Bingham Landlords need to be aware that tenants now demand more from their properties, the agent and their landlord and whilst affordability for first-time buyers and tighter controls on lending may mean that potential first-time buyers are in the private rented sector for longer, they will still pay top rent for a good quality property.