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Generation Y, changing preferences away from home ownership?

Generation Y, changing preferences away from home ownership?

The ever increasing cost of home ownership has been reflected in a Millennials Home Buying survey by NatWest and the changing housing priorities of Millennials/Generation Y (a person reaching young adulthood around the year 2000). Many of this generation feel they are trapped in generation rent and instead of looking for ways onto the property ladder, their focus has changed to instead demand more from their rental property.

In almost an acceptance on the difficulty to buy a home (with 78% blaming the UK's current economic condition for not being able to afford a home), they are instead seeking higher furnished rental properties, preferring to spend money on lifestyle and not possessions. For rental properties, a higher importance is being placed on things like fast broadband and modern fittings/equipment.

With this in mind, many Millennials are now looking to spend their disposable income elsewhere, rather than save for deposits. So much so that research from Statista found that 51% would spend any disposable income on socialising instead.