Most recent survey of under 35s shows a ‘seismic shift’ in attitudes towards renting. Research released by financial firm LV shows that 52% of under 35s live in rented accommodation and 42% of those are happy to rent for another 10 years.
The ‘seismic shift’ is most visible when we compare opinions of current and previous generation. The younger generation (the current under 35s) is no longer so keen on owning a property and only third of them say this is their goal. This compares with the previous generation (aged 55 to 75) where 93% of them said that was their ultimate goal. This shows that owning a home is becoming a less important concept to young people with seven out of 10 no longer considering not owning a home as ‘shameful’.
Head of protection at LV, Mark Jones, said: “Depending on your point of view an end to the British insistence on owning a home might come as a breath of fresh air.
“While previous research has suggested that young adults have had renting forced upon them by rising property prices and low mortgage availability, this report shows that huge numbers of young men and women are freely choosing tenancy and actually prefer it to ownership.”