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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