Generation rent

Generation rent

Generation rent is a generation of young adults who, because of high house prices, live in rented accommodation and are regarded as having little chance of becoming homeowners.

Doesn’t this feel like flushing money down the toilet?

First time buyers in England are not having it easy.

Before they can get a foot on the property ladder they may spend many years renting and end up spending more than 50,000 Pounds in rent.

Figures from the Association of Residential Letting Agents show that tenants will be renting for an average of 13 years and in 2015 spent 22% of their wages in rent.

It seems that for 40% of renters, home ownership may never be more than a dream.

For many on a regular income paying rent and at the same time saving up for a deposit is out of reach.

Many are now coming to the realisation and acceptance that ever owning a home is not going to be a possibility.

So, just how bad is it for generation rent?

By the time a first-time buyer eventually affords a new home they have already spend 52,900 Pounds on rent.

If you are an 18-year-old, by the time you can afford your own place you will have to spend 64,400 Pounds on rent.

Of course, on top of all that rent you also need to generate a deposit, which is now on average 33,000 Pounds

It is hardly surprising that two thirds of all renters now believe they will never be able to afford to buy a home of their own.

So, if you’re desperate to have a couple of square feet you can call your own, then why not to look up for property you can afford?

Maybe you won’t find much in the UK, but there is a lot to choose from not so far away in Europe.

And here is where you can find it:

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