Majority of under-30s happy to rent, study finds

21 2007
Influenced by a decades-worth of rising house prices, around two thirds of young professionals in the UK have decided that renting a property is the way to go, research has found.

A new study carried out by Endsleigh found that, of those aged between 23 and 35, just 35 per cent currently own their own home, with the remainder either renting a place on their own or with friends or still living at home with their parents.

Furthermore, 39 per cent of those between the ages of 32 and 35 are still renting as the majority see it as the best financial option for them as house prices remain unrealistic and rental rates fall below mortgage repayment rates in most areas of the country.

Stuart Wartalski, a spokesman for Endsleigh, said: "Although there are still great aspirations to own, especially from those in their early 20s, the fact is that the cost of buying is forcing people to continue to rent - and some in their 30s have even given up on the idea of buying altogether."

The latest 'Rent versus Buy' report from the Abbey revealed that renters are better off in Greater London, the north-west, Wales and Yorkshire. ADNFCR-1219-ID-18364132-ADNFCR

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