Renting To Define The Next Generation

Telegraph reports on young Britons started to think that their generation would actually be a generation of renters, a research confirms. The 20 to 45 age group has apparently given up on the idea that they might not be able to own a house, and that UK was becoming more like Europe where renting is more prominent. To back up this claim, many experts actually nodded on the possibility. A majority from 8,000 respondents agree that this is mainly caused because several banks refuse to provide loans. Two out of three respondents, on the other hand, said that stress and anxiety from trying to acquire a mortgage was also a challenge. Still, the National Centre for Social Research (NCSR), found that 3 out of 4 people would still like to have their own homes, but their aspiration to do so is not met without barriers. Aside from the aforementioned, the concept of paying huge deposits hinders people to buy their property. Many admit that they did not have the cash to set aside, did not bot
her to save, or tried to save, but was not successful.

NCSR representative, Alison Blackwell, says that this Generation Rent might have a great impact in the socio-economic situation of the country. It may slow down the whole housing market, since many people would opt to rent. The wealth gap will also widen between renters and owners. Additionally, people who opt to rent might experience insufficient funding upon entering retirement. This is why the high street bank Halifax designed a plan that would face such a problem. It would start-up a buyer pledge this July to allow people to be more interested in having their own homes. Halifax representatives say that pledge takers would acquire a published overview of the lending criteria and a promise allowing personal advancement.

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