With the current pension changes and the UK general election there has been a lot of talk around changes occurring in the property market. The number of renters in the UK however is predicted to increase over the coming years. The number of those renting between the ages of 25 and 34 has more than doubled since 2003/2004. With interest rates and property prices expected to increase in the future, many young adults do not yet have the financial means to secure a deposit, and provide guarantee of mortgage repayments.
In a recent survey carried out by Halifax, at least 71% of respondents claimed that they have no desire to become a homeowner.
The increase in rent can be seen as a more secure option for young adults and families, rather than being involved in many of the financial risks of mortgage payments, monthly bills, solicitor fees and any up unexpected maintenance charges. Renters are still able to live in a house that they can make and call their home without the hassle of any major financial risks.
- Peter Iwaniszeski