Dubbed ‘Generation Rent’, it seems nowadays more Britons are renting than buying property in the UK.
With this in mind, it appears that the idea of renting from ‘cradle to grave’ is becoming ever more likely. According to a study by the Association of Residential Letting Agents (ARLA), tenants are staying longer than ever in their rental properties, with the average tenancy in the UK now at a record high of 20 months.
Meanwhile, many letting agents have seen an adjustment in the type of tenant enquiries they receive. No longer just attracting young, single people, ARLA discovered that around 55 per cent of enquiries now derive from couples or young families.
And a report commissioned by the Resolution Foundation and Shelter claims that over the past five years there has been a massive 86 per cent increase in families with children renting their homes.
However, it’s not just families who are settling for rental accommodation. HomeLet, the UK’s largest supplier of referencing to the lettings industry, recently discovered that the percentage of tenants aged between 66 and 70 who have moved into rented accommodation from home ownership has increased by 41 per cent compared to a year ago.
It seems as though people’s attitude towards home ownership is shifting. Data compiled by SpareRoom.co.uk recently showed 48 per cent of people admitted they would be happy to rent long-term if only there was less pressure in the UK to own a home.