That is the question. In years gone by, many young people only wanted to rent until they could buy their first home, and few thought of renting long-term. In other countries, such as Germany and France, there are a comparatively high number of rented accommodations, and long-term renters are not the exception – in Germany, in particular, people favour renting – over 40% of the country does!
In recent years, there has been a considerable increase in the number of rented accommodations in England, and people are now staying in the rental market for many years…
The changing English property market
57% of house owners in England are aged 65+ and only 22% are aged 16-34 years. Most property buyers fall into the 35-50 age group (48%), with a further 31% aged 50-65 years. For a variety of reasons, there has been a huge growth in the private rental sector in recent years – particularly in the younger age group. One of the key reasons for this is that young people find it incredibly difficult to save enough money for a deposit to get on the first rung of the property ladder.