Private home renting in the UK is becoming more affordable nowadays. According to propertywire.com, new research suggests that by 2025, fewer people would be buying homes and resort to renting privately instead. Average home prices could rise to an estimated £360,000 from £279,000 in 2020.
In the same article, the average UK income as well as social housing remain constrained, in contrast to the fast rising of house prices. At this rate, around 1.8 million households would likely become private home renters by 2025, giving it a total of about 7.2 million households. The Millenials' generation (Aged 20-39) constitutes for those mostly accounted for as the renting age group.
According to research by Shelter, homelessness charity organization, featured in a bbc.com article, average single people would likely have to save for at least 14 years before being able to buy a home to call their own. A way not to feel bad about it is to check the statistics for long-term renting all around Europe. Somehow it is just normal to typically home/privately rent no less than a year before actually buying real estate property.
It is also noted in the same article discussed the tenancy deposit protection service mandated by gov.uk, giving renters a secure hold in the event of losing their rent deposit on accounts of an agreement technicality. Landlord-Renter responsibilities are also additionally described. Know more about it here. On the other hand, neighboring countries such as Belgium and Germany give tenants a softer approach in home renting through long term renting contracts.
A better guide to renting can be read on the moneyadviceservice.org.uk, which helps outline the pros and cons of private home renting. Cost estimates and rent expectations can give more assurance to a person or people planning to rent than buy; deciding on the next steps will then be easier to figure out.
