The UK’s housing market is showing no sign of decline, with the number of sales…
Renting a Home In Borehamwood
Virtually one in four homes in Britain will be rented independently by the end of 2021 as soaring house prices, as well as stationary wages, placed homeownership out of the reach of a growing majority of people.
Around 5 million homes, or 21% of the overall adult population, remain in private leased lodgings, a quarter of which are households with youngsters. This is set to climb to 5.79 million (or 24%) over the next five years, together with 14.3 million owner-occupiers as well as 4.3 million social tenants, according to an annual report from estate agent Knight Frank. It commissioned a YouGov survey of more than 10,000 occupants and talked to 26 significant capitalists.
The report states that while a minimum of three-quarters of UK renters are in homes possessed by private property owners, they increasingly rent out from large-scale business landlords such as City firms and home companies.
Climbing House Prices
Climbing house prices coupled with low salaries, have placed the dream of owning a home out of reach for many, especially the younger generation.
Couples ranging from millennials to forty-somethings – 25 to 49-year-olds – find themselves renting while trying to save for a deposit on a home they can call their own.
Not surprisingly, 68% of occupants still anticipate being in rented accommodation in 3 years’ time. The most common reason for renting was to save for a down payment to buy a property, mentioned by 30%; followed by 21% who stated that renting enabled them to reside in a location where they could not afford to purchase; and also 18% who said that renting was a lot more budget-friendly than paying a mortgage.
Only 8% said they were renting because they did not want the responsibility of home ownership; 6% needed the versatility due to work; 6% were down-sizing; 6% could not find an appropriate home to buy, and 5% did not intend to stay in one place for very long.
Young Professionals Renting
Young professionals aged from 25 to 34 make up the largest proportion of renters, and this is expected to stay the same in 2021. They will probably be renting for a long period of time while attempting to save enough to buy a house, claimed Diana Babacic of PRS Study Consultancy. She is likewise anticipating an increase in the number of renters under 25, in addition to an increase in older occupants, specifically the boomer generation.
With rental costs rising sharply in recent times, occupants’ key issue when considering a rental residential is the price, the record says. However, other studies currently suggest that rents are flatlining or perhaps falling. Renters additionally pay thousands of pounds in charges every single time they relocate.