Numbers of young tenants at a high

February 24, 2016

The continued rise in the cost of buying a home is pushing more and more young people to the Private Rented Sector (PRS) than ever before, according to newly published official figures.

The Office for National Statistics (ONS) in its latest report on the housing sector states that  only 9% of people aged between 20 and 24 owned their own home as of 2015. This figure is significantly lower than it was just twenty years ago, in 1996  as many as 30 per cent of people in this age group owned their own home.

One of the main reasons for this is the fact that it has become more difficult than ever to save for a mortgage, the deposit required is now at a alot higher level than just a few years ago. Interest rates remain low and the government help-to-buy scheme is assisting younger  first time buyers to get their foot on the property ladder, but it does not appear to be enough.

Mark Carney the Governor of the Bank of England said yesterday that the central bank might cut interest rates to zero but will not drag rates into negative territory.

Speaking to the Treasury committee he said if the economy needed additional stimulus there were many things the bank could do, including cutting interest rates to zero, from the current 0.5 per cent rate, or buying more assets though QE.

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

LIVING BY THE SEASIDE 2022
Breaking News

COVID five years on: City and coastal trends reverse as homes by the sea take longer to sell

Rightmove’s new report looks at how the market has changed five years on from the pandemic starting Many city and coastal trends have now reversed, with homes near the sea taking three weeks longer to sell compared to 2020, and the majority of buyers in the capital looking to stay rather than leave London A…
Read More →
Estate Agent Talk

What it takes to make real estate development financing work

By Daniel Austin, CEO and co-founder at ASK Partners Securing financing for real estate development has become an uphill battle. With interest rates still elevated, inflation pushing construction costs higher, and planning delays introducing further uncertainty, developers face a challenging environment. Traditional lenders, constrained by regulatory pressures and rising risk aversion, have scaled back, creating…
Read More →
Home and Living

Signs Your Roof Needs Professional Repair: Don’t Ignore These Red Flags!

The roof of your home is one of its most vital components. It serves as the first line of defense against the elements, shielding you and your family from rain, snow, wind, and UV rays. A sturdy roof also enhances the energy efficiency of your house, helping to regulate temperature and reduce heating and cooling…
Read More →
for sale sign london
Estate Agent Talk

Cheap Local Estate Agent

How much is the average estate agency fees in England for 2025? The figure of 1.42% (including VAT) is the average estate agency fee in 2025. This average fee for selling your home can vary with figures between 1% and up to 3.5%, there may be some lower and higher too. How you are looking…
Read More →
Estate Agent Talk

The Future of Real Estate: How Technology is Revolutionizing the Industry

It is also evident that the real estate industry is going through a lot of changes mainly due to changes in technology. Technology is changing almost every aspect of the industry and this includes the purchasing, selling, and advertising of properties. Consumers need a more efficient and enhanced form of transactions, real estate professionals must…
Read More →
Breaking News

Halifax House Price Index – Average UK house price falls in March

• House prices fall by -0.5% in March (vs -0.2% in February) • Average property price now £296,699 (compared to £298,274 in previous month) • Annual rate of growth remains at +2.8%, unchanged from February • Northern Ireland sees house prices rise at fastest pace (+6.6%) Amanda Bryden, Head of Mortgages, Halifax, said: “UK house…
Read More →