23 Apr

UK set to embrace renting

UK set to embrace renting

A new survey suggests that many Brits no longer want to own their home and are content with renting.

Research from Halifax discovered one in five of 23 to 27 year olds do not want to own a home - something that could benefit buy-to-let landlords.

It seems that the UK's attitude to renting and property ownership is becoming more European amongst younger people, with many increasingly unwilling to make the financial sacrifices required to step on to the housing ladder.

"With attitudes softening towards the social implications of renting, and the number of people who say they will never own a property increasing, we may be heading towards the point where the aspiration to own a nice home will be replaced by the aspiration simply to live in one," explained Craig McKinlay, mortgages director at the Halifax.

He added the change in attitude could have a major impact on the long-term future of the property market and demand for rental properties.

In many other European countries there is a more positive outlook towards renting. For example, only 43 per cent of Germans owe their own home.ADNFCR-1222-ID-801714612-ADNFCR

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