Being a homeowner 'increasingly unrealistic'
Fewer young people are finding that buying a home is a realistic option, as the number of Britons in their twenties choose to rent a property instead, new research has found.
Indeed, according to a survey by Spareroom.co.uk, the average age of those renting accommodation has risen, from 25 years old in 2006 to 28 years in 2009.
Such research may prompt young Britons to look for flats to rent in Notting Hill or another part of London, which they could find is a cheaper option than buying a home.
Commenting on the research, Steven Hilton, spokesperson for the National Landlords Association, said: "The reality is that being a homeowner for an increasing number of younger people is an unrealistic expectation nowadays."
He explained that a lack of affordable mortgages was the key factor preventing people from buying a home and that rented accommodation provided "flexibility" to those who did not wish to make such a long-term investment.
Written by Chris Price
Published 14th October, 2009
© 2009 Estates IT Limited
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For many young people in the UK, becoming a homeowner is an increasingly unrealistic option, it has been said.