home blessingRecently I have been discussing with local lettings expert Terry Lucking, how the rental market may change as a result of an increasing supply of rental houses and a growing number of older first time buyers many of which have been renters with less impetus to buy a property than their parents.

Supply and demand or just a change in attitude?

Research from LV= shows over half (52%) of adults in the UK aged under 36 live in a home they don’t own.

What’s more, new research from protection specialist LV= shows that this trend is likely to continue as the younger generation’s attitude to renting is changing.

42% of renters aged between 20 and 35 are completely happy to rent for ten years or more and claim that it’s not important to them whether they ever end up owning their own place.

New generation thinking

LV=’s research figures indicate that a significant shift in attitudes to renting is taking place. Whereas nearly all of the previous generation of Brits polled (those now aged between 55 and 75) saw owning their own property as the ‘ultimate goal’ (93%), only a third (33%) of people under 35 now feel the same way.

In line with this, half of all renters (43%) no longer see bricks and mortar as a sign of success, and almost three quarters (70%) say the notion that it’s in some way shameful to never own a property is completely out of date.

 

The information provided in this blog illustrates my opinions and experiences, it does not constitute advice and I do not accept responsibility for any actions taken or refrained from as a result of reading this post.

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