The younger generation in the UK prefer to live in rented accommodation

For the younger generation people in the UK to be the owner of the property is not as important as for older people. Studies show that 42% of people over the age of 35 who live in rented houses, ready to do it within the next 10 years and even longer. And 52% of young people under the age of 35 years currently living in the house they do not own, the average tenant pays rent of about 40% of their income.

In addition, 65 % of tenants did not socially protected in the case they lose their jobs. The number of people in England who live in private rented accommodation has increased from 2.4 million in 2005 to 3.8 million in 2001/2012 – there is a 58% increase. And in the future the situation is unlikely to change given the attitude of the young generation to the lease. 42 % of young people aged 20 to 35 years completely happy to live in a rented house and did not see much of a difference in that they are owners or tenants. Previous generations of Britons surveyed aged 55 to 75 years in 93% of cases are convinced that owning your own home should be the ultimate goal of every person, and among people under 35 years have the same opinion only 33%.

This rather relaxed approach to possession can be considered a fresh trend, if not a series of hidden dangers. For example, for tenants, there is no deferral of payment (insurance in this case) in the case of loss of earnings. Especially sensitive when rent is paid alone. This averages out to around £947 per month, or about 40% of income, and in the South-East, where the average cost of rent comes to £1152 – the rental accounts for about 44% of average monthly earnings of the tenant.

The reasons for this addiction to renting a property are varied. About 17% of young people rent because they don’t want to be tied down to one place, 13% believe that we should first better acquainted with the area where they live and meet the neighbors before you make a decision, every tenth just has no desire to buy property, and 7% prefer to spend money on other things, not to purchase real estate.

Today’s young people are more realistic about their ability to purchase a home. If the previous generation believed that in 25 years, it is necessary to take care of their own homes, but now people believe that about 36 years, you can afford to buy something.

® Eleantra. 06.09.2013 G.