More than half of young adults 'do not own their home'
Published by Daniel Jones
A huge number of people in the UK are now used to not owning the home they live in, with the latest statistics suggesting this is the norm for more than half of young adults.
New research by LV shows 52 per cent of people under the age of 35 do not own the property they call home, with 42 per cent of renters in this age bracket suggesting they are happy to continue paying a landlord for their home for the next ten years or more.
With the average tenant paying out about 40 per cent of their wages on rent alone it might be expected that people would be desperate to own their property, but this is simply not the case for a sizeable proportion.
The insurance provider noted there is now a wave of people who are happy to rent rather than own, with the number of homes being privately rented across the country rising from 2.4 million in 2005 to 3.8 million in 2011-12.
Mark Jones, head of protection at LV, sounded a warning by saying: "Regardless of whether you are a homeowner or a tenant, it is important to have a financial back up plan in place which would enable you to carry on living in your home if you were unable to work. This is particularly important if any loss of income might affect your partner or family's ability to pay the rent."
It is predicted by the firm that the trend of more young adults renting is likely to continue for some time to come. Indeed, the overall attitude towards renting is changing, making it a more desirable option.
Some 93 per cent of the previous of generation of Britons, who are now aged between 55 and 75, saw owning their own home as the ultimate ambition. However, this figure is just 33 per cent among those aged under 35 now, indicating buying a property is becoming less of a priority in modern life.
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Published on: September 6, 2013
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