According to a new report, the average age of a first time buyer is now 36 years old, a fact which Belvoir Sheffield says confirms that ‘Generation Rent’ is not only set to continue, but a sign that the buy-to-let sector is continuing to thrive.
In research undertaken by LV, ’44 per cent of the company’s younger correspondents (an age range of between 20 and 35 years old) said they would be happy to continue renting for the foreseeable future, as opposed to attempting to purchase a property of their own.’
Rick Flay, Director at Belvoir Sheffield, who offer a wide range houses to buy in Sheffield said: “This report found some staggering results, including the fact that young people now assume the age at which it is unacceptable to continue to rent is a staggering 45 years old, an increase of almost ten years from the suspected age of 36.”
Rick from the agency on Campo Lane which offers, flats for sale in Sheffield, said: “In recent months the sales market has of course seen improvements and this is a very positive sign indeed, especially with finance being easier to secure that in was some twelve months ago, but these latest figures show that for the time being, that the rentals market will continue to thrive.”
Interestingly enough, 18 per cent of those questioned did not want to be ‘tied down’ with any monetary worries, something that Rick says will change as they hit the ages of between 36-45, he added: “This new report found that while the younger generation are reluctant to be tied down, those aged between 36-45 are still interested in buying property, and this is perhaps that ideal target age for those looking to sell. Here at Belvoir we cater for both sides of the market and can help both landlords and vendors achieve the best possible results. I would advise either party to contact us for a free impartial meeting regarding how we can help them.”
Belvoir Sheffield is the One Stop Shop Specialists for residential property, buying and selling, for lettings including property management, investment, and wealth management advice, fit outs and renovations, mortgages and conveyancing.
Belvoir Sheffield was the winner of the Belvoir Franchise of the Year Award for 2013
For more information on Belvoir Sheffield, please call lettings on 0114 25 25 215 or sales on 0114 331 0033, or email us at sheffield@belvoirlettings.com
