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Young People Think Renting a House Will become the Norm

Young People Think Renting a House Will become the Norm

You people in the UK are becoming resigned to the fact that they expect to have to rent properties rather than own their own properties. Over a half of the 8,000 people questioned in a study by Halifax said that they thought it would be more common for people to rent a property rather than to buy one within the next generation. The amount of people that think this has almost doubled year on year.

A lot of the belief comes from the fact that the loans and mortgages are very hard to come by for lots of people unless they have a substantial some of money to invest in a deposit for their mortgage. The lack of deposit rules out all but the wealthiest of younger adults who just don’t have the money to get on to the property ladder and can’t save enough after they have met their current financial commitments.

The report by Halifax reveals that while there are lots of government schemes to help people on to the first rung of the property ladder, especially with a view to re-igniting the economy, around 40 per cent of those questioned were not aware of them.

Buying a house used to be one of the main major goals for young people looking to establish their independence, utilising living at home as a means to saving up for a deposit. A large portion of these people have already given up hope of even getting on to the property ladder according to the Halifax’s research.

It was reported my some news sites that lots of people are now relying on their parent’s retirement funds to get deposits to houses because of the level of difficulty in raising the money themselves.

Because of the huge rise in demand for properties to rent it has become much harder to find a home. As council and housing association properties decline the monopoly is being handed to private landlords, many of whom are keen to exploit the demand to ask higher prices and to be more selective about whom they rent their properties to.

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