The report starts by acknowledging that home ownership is a common goal shared by most people in the UK. However, the recent global financial crisis and structural changes in the property market has led to the rise of what is termed as Generation Rent.
Halifax is the UK's leading lender to first-time buyers and this report examines the current perceptions of the first-time buyer market. This is the third annual report and now contains data fro over 24,000 interviews with 20-45 year olds built up over three years.
Key Facts and Findings (page 2 of the pdf)
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Startling Findings
A fifth (21%) of non-homeowners aged 20-45 have already given up on the prospect of owning a property - this rises to 43% among 40-45 year olds. This has to be seen against 57% of non-home owners who are concerned that they will be unable to retire if they have to rent all their life.
More than half interviewed believe the Britain will become a nation of renters 'within the next generation'. More people see Britain becoming like Europe, where renting is the norm.
Despite 81% acknowledging that owning you own home is a good financial investment, Generation Rent have placed house purchase further down the priority list and believe it to the least achievable milestone in life.
Comparison to Singapore
In our tiny little island, we take home ownership for granted. Why?
Oh well, I guess we are used to efficient Government.
Just as my other post on Heygate versus HDB, what we have today ought not to be taken for granted. Many young people in other developed countries have it much, much worse.
Happy Investing!
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