A whole generation gives up buying homes and decides to RENT!
Britain is home to a new generation of renters who are giving up on buying their own home, says a report out today. First time buyers have given up trying to source a mortgage because they believe their costly application will fail!
If attitude come reality a new breed to super renters will appear for the first time in Britain. Are we following Spain and France, where people never purchase their own property?
According to the research into the attitudes of young people towards home ownership, 77% of all those who do not own a home still wish to purchase their own home.
20 to 45 year-olds feel Britain is becoming more like mainland Europe where renting is seen as the norm, and predict that Britain will become a nation of renters.
A report by the National Centre for Social Research, the report analysed the results of a survey of 8,000 20 to 45-year-olds and identified the details of the ‘Generation Rent’: two-thirds (64%) of non-home owners who believe they have no prospect whatsoever of buying a home because of the restrictions in the market place.
The perception is running high that banks are not lending, the size of mortgage deposits necessary are huge, and a fear of being turned down is too costly to pursue.
Longer term, only 5% of this group are making sacrifices to save for a deposit; 95% say they have no spare cash, no interest in saving for a deposit, or were trying to save but failing to do so.
Almost seven in ten (67%) believe that everyone is rejected by lenders so there is little point in applying. The funny thing that baffles letting agents in London is that renters are having to spend vast amounts each month to let their homes, surely buying is still cheaper?
For more information on this article please contact Dominic Swinfield of Belvoir Lettings Camden on 02071 997733.
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