UK’s 'Generation Let’ Chooses Not to Buy, for Many Different Reasons
Published: 16/01/2017 By PennyIt appears as though many of the UK’s millennial's are choosing to rent property rather than buy their homes throughout the country. This isn’t new information as young adults have always started out renting and this trend will continue well into the future which is good news for property letters. So why is this news today? A recent study has shown that many of the UK’s millennial's have a wide range of different reasons for renting that aren’t as obvious as you might think.
According to the survey results, millennial's in the UK are split equally between two main issues, one being the fear that their credit scores are too low, and the other being that many of them just don’t have the deposit funds in place. Another factor for young adults to let instead of buy is that many millennial's have gotten so used to the letting lifestyle of property management and building maintenance that they just don’t want to be tied down to a mortgage.
Whether this comes from high amounts of student debt or credit card debt, which they usually carry, isn’t quite clear, but the fact that many of them aren’t ready to commit to a home is very apparent. With renting, they are able to move from one location to another without the hassles of having to sell their home or get financing for another one. They can simply finish their lease and move wherever their career, lifestyle or interests take them.
Many UK property management companies are seeing their profits increase as ‘generation let’ continues to delay purchasing a home. As a leading UK property management company, Chamberland Residential wants to remind property owners and investors that this is an important segment in our society and we should cater to them as tenants to ensure they feel like staying for longer periods of time in a specific rental property. In many cases, this will entice them to spend more money on the right rental property as the features and benefits will become well worth it to them.
If you want more long term tenants in your properties, contact Chamberland Residential and let us show you how. Our team of professionals are standing by to help in any way they can.