Membership News
Membership News Older households in privately rented homes to soar by 2035
Funding Circle lends over £1bn through introducer community
Homes headed by a person over the age of 45 will account for at least half of all privately renting households by 2035, analysis conducted on behalf of Paragon Bank has found.
Funding Circle’s full year results were announced on 10th March and the NACFB Patron was keen to take the time to recognise the success of the introducer community, including the Association’s Members.
A report by the Social Market Foundation (SMF), ‘Where next for the private rented sector?’, found that 35% of households currently private renting are headed by somebody aged 45 or over. This will rise to half of households by 2035 according to the SMF’s projections, equating to an additional 1.14 million households, bringing the total number of 45+ households to 2.7 million.
In 2021, Funding Circle lent over £1 billion through more than 1,000 active UK introducers for the second year in a row. During another difficult year, the funding went to support more than 6,500 small to medium sized businesses around the UK, helping them get the finance they needed to grow and thrive after the impacts of the coronavirus pandemic.
Conversely, the proportion of households in the sector where the head is aged 34 or under will fall from 39% today to 35%. Those in the 35-44 age group will experience the greatest decline, falling from 25% of households today to 15% in 2035.
Thanking brokers for their ongoing support, Jeremy Crinall, head of UK introducer partnerships, said: “These figures demonstrate the huge value that the introducer community brings to SMEs, and is testimony to their passion and commitment towards Funding Circle’s goals.”
Richard Rowntree, NACFB Patron Paragon Bank’s managing director of mortgages, said: “The SMF tenant research shows that more mature tenants want greater security in the form of longer tenancies and control over their property, such as the freedom to make cosmetic changes. They also want to have pets in their homes, and these are all things landlords need to consider.”
The introducer team has formed strong relationships with its brokers over the years, and the results are evidence of the journey the NACFB Patron has taken to support as many SMEs as possible.
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Funding Circle has lent in excess of £14 billion to more than 120,000 businesses so far and anticipates over the coming years both figures will continue to grow.
