millennials renting
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Latest property news
Millennials on the move as housing market shifts
Millennials, (that’s anyone aged between 25 and 34, born between the mid-1980s to the mid-1990s, according to the Government), make up 13.9 per cent of the total of the UK population and we hear a great deal about the challenges they face in terms of housing. Now, a new briefing paper from the House of Commons measures the demographic components of the ‘Millennials’ group, providing some interesting statistics around their wealth, work and housing, compared to that of older generations. Twenty years ago, households led by people aged 25-35 were more likely to own than rent. In 1996 the trend was almost the reverse as it is today, with 55 per cent of households led by a 25-29 year old person and 68 per cent of those led by 30-34 year olds were owner occupiers. Now 55 per cent of millennials are renting. City living Millennials like city living – 20 per cent of this age group live in London, compared to 14 per cent of the UK as a whole. Their favourite haunts are Battersea (32%), Vauxhall (31%) and Bethnal Green and Bow (30%). Clearly Millennials aren’t too keen on the South West, Wales and the South East, with each area…
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Housing Market
Will property sales ever bounce back?
The attitude towards house buying is changing and millennials are at the forefront of shaping that change. Gone are the days of staying at your mum and dad’s house, cramped in your teenage bedroom whilst you try and save up for that all important deposit for your first home. More and more millennials are now choosing to rent rather than buy, with thanks to crippling student loan debts and the after effects of the Great Recession being the major catalysts in the change in attitude. ATTITUDES OF THE MILLENNIALS Two major issues that affect millennials today are contributors to the change in attitude. For many, they simply choose to rent rather than buy, mainly due to the era of ‘nownership’ becoming very popular in recent years. ‘Nownership’ is a term used to describe the favouritism of experiences over ownership of goods or property. More and more people are valuing a fulfilled life of experiences, social events and creating memories over getting on the property ladder. The trend of ‘nownership’ is filtering into other markets too. The market for renting clothing and accessories is growing and as a result one in five people in the UK are interested in renting items…
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