The increase in the number of people renting properties across the UK has been clear for all to see during the last few years. There are a variety of reasons why people choose to rent, and a rise in the number of career-driven young professionals seeking the freedom and flexibility to move from property to property as and when they wish has contributed heavily towards more people choosing to rent than ever before.
While this trend cannot be denied, there are still a significant number of people in the UK who are choosing to rent because they simply cannot afford to purchase a mortgage for their own property, and this is most prevalent in the bigger cities.
Independent survey results have revealed that people living in Britain believe the government is alarmingly out of touch with today’s “generation rent”, and they say the government offers very little support when it comes to helping ambitious first-time buyers make that leap onto the property ladder.
The many renters who are working exceptionally hard to enter the property market clearly feel that the government is failing to understand the scope of the issues they face while renting, with 61% claiming that the existing government isn’t doing enough to help “Generation Rent” develop into “Generation Buy”.
They say that the government’s failure to understand the needs and wants of young people, particularly potential first-time buyers, is the reason they will struggle to purchase their first property.
Unfortunately, renters don’t see it improving any time soon, as 64% of those questioned, which is the equivalent of almost 33 million adults living in the UK, believe that life will only become more difficult for tenants over the course of the next five years.
Affordability issues were cited time and time again as the main obstacle the government was failing to address, with research showing that 39% of adults do not have the finances they require to purchase the type of home they desire. In major cities like London, the figure increases to 49% due to house prices being that much more expensive.
Another interesting finding was that 27% of people (over 40% of people in some of the larger, more expensive cities) in the UK claimed that they would counteract this problem by purchasing a cheaper buy-to-let property in a different part of the country, in order to benefit from the additional income without having to compromise on the property they prefer to live in.
In the end, for the majority of renters, it simply comes down to the fact that it’s far easier to rent a decent property that they enjoy living in, then it would be to purchase a property that is of the same standard.
Are you looking to get on the property ladder and purchase your first home in Cardiff, or looking to find the perfect rental property in a part of the city that most suits you? No matter what your requirements are, our team at CPS Homes estate and letting agents are ready to help you. Call us today on 02920 668585, email firstname.lastname@example.org, or pop into one of our branches based in Cathays, Roath and Cardiff Bay.