This is emphasised by the increased percentage that people spend on their housing: 26% of their salaries, compared with 18% in 1995. Increased outgoings makes saving for property deposits challenging.
Think tank Resolution Foundation’s statistics show that many people born between 1982 and 2004 will be renting properties for longer. In fact, just 10% of people aged 16 – 34 own their homes. This is almost half of the 19% that owned their homes in 2000.
Difficulty in saving money is a key issue for those trying to buy property. 43% of people aged 20 – 45 are saving money to buy a house. This shows a decrease of 14% from 16 years ago.
With little prospect of buying a home, young people face either living with their parents or renting –rather than buying – somewhere to live.
But – there could be another option…
HMOs – the alternative property solution
“Many people choose to love in HMO accommodation as it allows them to save money whilst living independently,” says Martin Roche of HMO Property Sourcing.
“As the standard of our properties are high, people find them comfortable to live in. Plus – all of our tenants are fully vetted.
“Demand for rooms within HMOs has definitely increased, especially within the Stevenage area. It certainly seems to be a realistic option for many people who can’t afford to buy a property yet.”
Would you like to make the most of this rental trend? Find out more – talk to the friendly team at HMO Property Sourcing.