The changing face of UK renting

The changing face of UK renting

The tradition of getting married and moving into a purchased home to raise children is becoming a thing of the past as new research from flatsharing marketplace Weroom.com reveals that a quarter of British renters are getting married (23%) and having children (25%) whilst living in rented properties rather than setting up their own homes.

The findings show how modern lifetime milestones experiences and expectations are dramatically different to those a generation ago. The cumulative effects of the acute housing shortage in the UK, the rising cost of living and societal change means that over a third (35%) of young Brits aged 25-34 years old now expect to, or have, become a parent whilst renting.

More than 1 in 10 (13%) British renters live with children in their house or flatshare, of which the majority (80%) are babies and toddlers aged 0-3 years old.

Guido Maschhaupt, a student living in a London flatshare, commented: “I live with a married couple and their 7-month old baby, as well as two other people. I flatshare because it is cheaper – it is almost impossible to finance an entire flat in London. I deliberately chose not to live with other students as my course is very demanding but don't experience many negatives living with a baby but house parties are pretty much out of the question!”


Looking at the UK as a whole, renters are experiencing key lifetime milestones in their house and flatshares, with 36% moving in with their partners for the first time, 22% getting married and 9% getting divorced whilst living with housemates.
 
Whereas a young couple would conventionally marry and then move into a purchased home to raise a family, a third (34%) of Brits now rent in order to save up for their next steps: marriage, children and their own property. That said, just under a third (27%) of Brits living in rental accommodation consider flatsharing to be a long term property solution for them.
 
Tom, 27, and Mel, 25, have been together for three and a half year and live together in a flatshare in London, added: “We would like to live on our own but it’s just not affordable for us at the moment, buying even less so. In the long term, when our financial situation allows, we will hopefully be able to rent an apartment for ourselves but for now we will stay in our flatshare.”

There is also a growing trend for older people living in flatshares the UK, with 29% of over 55s surveyed still renting when they reach their retirement and 28% of Brits living with people over the age of 40.

Thomas Villeneuve, CEO of Weroom, commented: "As property prices continue to rise across the UK, flatsharing is an increasingly common housing option for modern Brits of all ages. Gone are the days when young couples married and moved into their lifetime home to begin a family. Nowadays, key lifetime milestones, such as marriage and having children, are being celebrated in rented accommodation with flatmates. Likewise, older Brits are turning to flatshares in later life and during retirement – something which would have been unheard of a generation ago."

Thomas added: "Last week’s Autumn Statement turned attention to the housing situation in the UK and it is clear that more needs to be done to protect renters who will not be able to afford to buy and therefore see flatsharing as a long term property solution.”

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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

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madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

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madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

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madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

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