As new figures revealed by the Halifax indicate that almost two thirds of those still looking to purchase a property, believe they have no prospect whatsoever of buying a home, Belvoir Sheffield, the leading letting agents in Sheffield is advising that Britain is set to undergo a continental shift.
Of the 25-to-40 year-olds quizzed, nearly half of them agreed with the proposition that ‘Britain will become a nation of renters within the next generation’, making it an ideal time for landlords.
Rick Flay from Belvoir Sheffield, which specialises in providing flats to rent in Sheffield said: “It is highly likely that to meet such demand, the rentals market will move to a more continental model seen in countries like France and Germany, where leases are offered on a five or ten year basis as opposed to the six and twelve month leases currently offered in the UK.”
Of all those questioned, only five per-cent of this group known as ‘Generation Rent’ are making sacrifices to save for a deposit. The other 95 per cent had no interest in saving or they there struggling to do so in the current financial climate.
Two fifths (44 per cent) of those questioned as part of the report agreed that ‘times have changed since my parents’ generation and Britain is becoming more like Europe – everyone rents there, it’s the norm.’
Rick, whose lettings agency helps those wanting to rent property in Sheffield, continued: “Traditionally the rentals market was aimed at 20-35 year- olds, but we are now finding that the older generations are also looking for rental properties. It is highly likely that that there will eventually be a housing shortage, which makes it a great time for landlords.
“Rental properties are very much in demand and will continue to be so. I would advise any would be landlords to take the plunge as there has never been a better time to invest in the buy-to-let market.”
Belvoir Lettings Agency Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances.
