Almost half of Brits agree that the country will become a nation of renters within the next generation, according to a new survey by Halifax.
The lender’s first Generation Rent Report in 2011 described a generation who wanted to buy but couldn’t afford to or didn’t dare try for fear of rejection. Three years and 32,000 survey respondents later, the opinions of 20-45 year olds are changing, opting to accept the reality of renting and live in properties that would otherwise be out of reach or require years of financial sacrifice to buy.
While a preference for homeownership remains, fewer people now agree that renting means they cannot fully settle in an area (53% in 2014 from 58% in 2013) or that they can’t make a property feel like their home (54% in 2014 from 58% in 2013). The proportion of people who don’t want to raise children in a rented property has reduced by 10%, with the proportion of people worried about renting having a negative impact on their retirement also decreasing by 10%.
The cycle of renting is also perpetuated by the fact people who predominantly grow up in rented accommodation are themselves more likely to rent than buy.
Commenting, Craig McKinlay, …read more
Source: The Movechannel