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

Estate Agent Talk

Storytelling for Homeowners: Producing Content That Connects Emotionally

In the quick-paced global of online facts, information by myself is rarely sufficient to encourage or have an effect on. Whether you’re a home owner sharing your protection adventure, a blogger covering indoors traits, or a real estate professional assisting customers discover their dream homes, storytelling is the important thing to building belief and emotional…
Read More →
Estate Agent Talk

This Summer’s Extreme Heat: What It Means for UK Gardens

The UK has been enjoying plenty of warm sunshine during the early weeks of the 2025 summer season. In predictions made by the Met Office for the three-month outlook there is plenty more hot weather to come. According to the government agency, the UK’s meteorological summer is twice as likely to be hotter than normal…
Read More →
Breaking News

No-fault evictions by bailiffs up 8%

New figures show that in the 12 months since Labour came into Government, no-fault evictions by bailiffs in England have risen by 8%. Labour has pledged to end no-fault evictions under its Renters’ Rights Bill, which is going through Parliament. According to the latest figures from the Ministry of Justice there were 11,402 repossessions by…
Read More →
Breaking News

Leasehold Lettings Under Pressure: Landlords Blocked from Improving Flats

New research from LRG (Leaders Romans Group) reveals that leasehold structures are creating a growing barrier to progress in the rental sector, limiting upgrades, pushing landlords away from flats, and lowering tenant confidence in how buildings are managed. According to LRG’s most recent Lettings Report, 58% of flats let by landlords are leasehold. Among these,…
Read More →
Breaking News

234% surge in demand for air-conditioned homes as UK buyers brace for hotter summers

Following the many heatwaves the UK has experienced this summer, searches for homes that are for sale with air conditioning have more than tripled in a year (+234%).1 According to recent research, just 1.2% of homes for sale in England feature air conditioning, which adds around 2.5% to a property’s overall value.2 As air conditioning…
Read More →
Home and Living

Bathroom Supply, Fitting & Repairs: A Complete Guide for Homeowners

Your bathroom is one of the most used rooms in your home — it should be functional, comfortable, and built to last. Whether you’re planning a full renovation, upgrading tired fixtures, or dealing with a plumbing issue, understanding the ins and outs of bathroom supply, fitting, and repairs is key to getting the results you…
Read More →