Up until recent years, owning a property by the time you reached the age of 30 was something of a prerogative. Owning your own bricks and mortar was viewed as an investment, a priority, a statement, an asset to call your own. Property prices have boomed over the last 30 years, and in turn have made it difficult for first time buyers to step onto the property ladder and claim a house of their own. The result has led to a change in many younger peoples’ attitudes to owning a property, curbing expectations and forcing them to reassess their future plans – this despite recent initiatives to help first-time buyers. Our article 'To rent or buy', goes into the shift in attitude between renting and buying in more detail.
In attempt to gauge the nation’s attitudes towards owning or renting a property here in the UK, LV= conducted two lengthy surveys focusing on two main age groups: those aged between 20 and 35-years and those aged between 55 and 75-years.
The comparable results highlight how the younger generation, or ‘generation rent’ as we’re naming them, are content to...well, rent, with 44% preferring to rent long term than owning their own property. We've put together a handy guide to renting to highlight what you should be considering when you're looking for a place to rent.
Of course there are many reasons why people, regardless of their age, are avoiding the property market. Many respondents in our survey alluded to the barbaric costs of putting down a deposit, for example. You can see some of their responses by viewing our official press release.
The survey also questioned respondents’ attitudes to financial products, like Life Insurance, and reports on how the two generations differ in opinion.