1st Mar, 2016
With house buying costs rising and the demand for rental homes increasing, the volume of young people living in the private rental sector (PRS) is higher than ever before, according to the Office for National Statistics (ONS).
The latest official figures report on the housing sector found that only 9% of people aged between 20 and 24 own their own home as of 2015. This is much lower than it was just two decades ago, where as many as 30% of people in this age group in 1996 owned their own house.
This means that 91% of people in the age group are living with parents or in rental properties.
Figures from the ONS also show that over the last decade, people aged between 25 and 34 living in rental accommodation has climbed to a level where there are now more tenants nationwide than homeowners in this age bracket.
The increase in volume of rental stock has also been a driver in the growth of the number of tenants across the UK. As more and more money has been invested into the rental market, the perception of the quality of PRS homes has also climbed.
With rental properties seen by many as preferable, the number of young people choosing the freedom of renting a property is rising.
Article Source: www.rman.co.uk
Image Source: www.pixabay.com
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