It is a well-established fact the UK housing market is in dire need of more housing. As time passes, a critical point becomes more of a reality when there are simply too many house hunters and not enough properties to satisfy their needs. That brings us to where we are today with the number of private renters who are replacing those who used to be house hunters.

The number of private renters is set to take off. It is estimated by the year 2025, the number of private renters will swell to more than 7 million households. These private renters are people who are not being able to meet the challenges posed when it comes time to provide a down payment or even think about buying to begin with.

The concept of rented properties is therefore becoming more popular and builders are finding much demand upon completion of each unit. It is proven that rented property creates an environment of equality and promotes harmony within the tenant population. Rented property is not just for single people any more. More and more families are taking advantage of what rented property can do for them.

Young individuals coming straight out of a parent situation are no longer looking for the traditional rental property. They are looking for luxury amenities along with opportunities to socialise on weekend nights in an area integrated into their living arrangements. The latest rental properties offer such features.

As rental property becomes more popular the remortgage market for house owners continues to be quite active. Although the market has cooled off since the New Year, remortgages are still available with attractive rates and inexpensive closing fees. Lenders remain quite competitive in offering deals which are customised to fit the needs of all house owners.