Other classifications are: In 2014 the private rented sector consisted of 2.7 million dwellings in the United Kingdom, or some 10 percent of the total housing stock.
However, government measures introduced by George Osborne as Chancellor of the Exchequer were aimed at reducing its size, and the sector began to shrink in 2017.
Rising prosperity and pro home-ownership HM Government policies brought owner-occupation to its peak between 1985 and 1987, whilst reducing the private rented sector.
The recession which lasted from 1991 to 1992 reduced the appeal of home ownership as a complete solution for housing need, and the impact of unprecedented levels of arrears, possessions and falls in value remain etched on the national consciousness.
More recently, social changes, especially an increase in student numbers, old age pensioners (OAPs), greater labour mobility amongst young people and a rise in immigration, added to the demand for rented accommodation, causing a second growth period.
The potential for high and continued rental streams, linked to general inflation, has attracted institutions seeking to match their liability profiles.
Following changes to the taxation of landlords, with Section 24 of the Finance Act 2015, that came into effect in April 2017, the private rented sector therefore peaked at 2.88 million households and began to steadily shrink.