Recently I have been exploring how the rental market may change as a result of an increasing supply of rental houses and a growing number of first time buyers many of which would have been renters.
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.
LV=’s research figures indicate that a seismic 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and almost three quarters (70%) say the notion that it’s in some way shameful to never own a property is completely out of date.
Free Advice
Terry Lucking is the owner and director of Belvoir Peterborough. Terry and his team of experienced valuers and buy to let advisors are willing to help investors, vendors and accidental landlords offering free pre purchase visits, honest sale and rental assessments.
Belvoir Peterborough are accredited and regulated agents. Members of ARLA, Safe agent, Safeagent and the Property Ombudsman. It is a requirement for a member of ARLA and Safe Agent to have Client Money Protection and have their accounts independently audited annually.
For more information or to ask Terry a question send an email to terry.lucking@belvoirlettings.com
