We think the stigma associated with renting in the past is now behind us and the days of saving to buy a house, spending a couple of years turning a wreck into a liveable property and then selling to move up the ladder are firmly behind us.
According to the 2011 Census, the biggest group of renters (33%) are aged between 25 and 34. They are closely followed by those aged between 35 and 44 which account for 24% of those renting privately. The graph shows how the market has changed over the last 20 years.
The reasons would seem to range from the large deposits now required, the reduction in social housing and the removal of the stigma of renting which now means that for many renting is now a lifestyle choice.
We think the stigma associated with renting in the past is now behind us and the days of saving to buy a house, spending a couple of years turning a wreck into a liveable property and then selling to move up the ladder are firmly behind us. I’m sure most people who are 35+ years of age have experience of this. Most of your income spent on kitchens, bathrooms and plasterers not holidays, the latest gadget and eating out.
If this is the way we are heading, and this is the norm in France and Germany, then we need to ensure the quality of property available is of a high enough quality.
Renters are now becoming more knowledgeable. It is interesting how many are now aware that letting Agents have to publish their tenant fees and have researched them before a viewing or phone call to our office.
Tenants are also being choosier about the property when they view. If it doesn’t meet their expectations they will just move on to the next one. Landlords need to be aware of this and budget accordingly to refresh their property every few years.
There is no doubt the housing market for sales has picked up very recently but I would be interested in other people’s views. Are you seeing friends, family, young people/couples happily deciding to rent instead of buy ? I think many might grumble about not being able to afford to buy but their expectations of what to buy seem to be much higher than when I was looking for my first property 20 years ago.
Contact Daniel Bourke of the award winning and licensed Belvoir Dunstable Letting Specialists for a no obligation consultation or guidance on 01582 343209 or call into our shop oat 18 Church Street, Dunstable