A number of young UK families have started to feel insecure about their finances and are gradually drifting towards rented accommodation. A study conducted by the Cambridge University revealed that if UK economic conditions continue to remain stagnant, over 1 in 4 people (i.e. about 27%) will be in a mortgaged home ownership by the year 2025 compared to 43% registered in 1993-94 and 35% at present.
The study further revealed that it is not just the young and single Property Buyer who is facing difficulty in purchasing his or her own property and is shifting focus towards the rental properties in the wake of rising home prices. With banks unwilling to lend and falling wages, even UK families with children are facing similar issues. Many of these families are either paying more or half of their salary as rent and are left with nothing to save at the end of the month.
According to Cambridge University’s analysis, over the past 5 years the figure for UK families with children who are opting for rented accommodation has increased by 86%. This figure is more than double the hike registered across all households (i.e. 41%).
According to another report carried out by the independent Resolution Foundation and the housing and homeless charity Shelter, it is evident that this trend (towards rented properties) will constantly rise for over a decade and may only show a reversal if the economy improves remarkably. The report also clarified that the hike in the proportion of UK families with kids who opt for rented accommodations will be the highest in the London area. About 25% of families in London have already shifted towards rented homes, and by 2025, this figure will hover around 33%.
Given the pace at which the UK economy is moving, it is the right time for property sellers to get in touch with a property buying company and enjoy a Fast House Sale. Given that there are not enough buyers in the market, they can help you sell your house fast and provide you with instant cash.
