Property experts are predicting that 2019 will see even more growth in the UK’s home rentals, not least because of the uncertainty caused by Brexit. High property prices in Britain has for years meant that it’s challenging for young people to buy their own homes, which means that most people in their 20s and 30s rent a property. This is set to continue and grow even more over the coming months.
Stalling plans to buy a home
While there’s a chance for property prices to fall in the wake of Brexit, the instability and unpredictability of the coming months and years makes it an unappealing time for most people to buy. It’s not clear what will happen to mortgages, jobs and the cost of living as the impact of Brexit takes hold. As a result, the wave of young people that would normally be looking to buy a home this year are likely to wait, putting the demand for rental properties up even further. Only time will tell whether the drop in house purchases will last a few months, or extend into the longer term.
For many decades Britons have generally focused on saving up to buy a home in their 20s and 30s, but the Millennial generation, who are now aged between 18 and 35, are widely thought to have different priorities.
Many Millennials are seeking more variety in their lives and don’t like the idea of being tied down to an owned property. Travel is high on their wish list too, so renting a home gives them more flexibility and freedom to take a role overseas or book a round the world trip.
One of the most appealing factors in renting is that any maintenance jobs are done for you. Increasingly, too, many HMO landlords are providing wifi and other utilities as part of the rental package, meaning tenants have even less to worry about. For busy professionals or families that prefer to spend their leisure time having fun, a landlord that takes care of things is a great reason to rent.
The love of luxury
There has been a shift in recent years for people to ‘live in the moment’ and adopt the kind of lifestyle worthy of the rich and famous. Rather than invest their incomes to save up for a mortgage deposit, some people prefer to rent a more opulent property and enjoy themselves.
With so many high end dwellings on the rental market, we predict that more people will postpone their plans to buy, instead enjoying a roof terrace or secure underground parking when choosing their next rental home.
Whether you’re looking for the ideal place to rent in 2019, or have a lovely property to offer to new tenants, we can help! As an award winning letting agent, we have a full range of properties, lots of local market knowledge and provide a first class lettings and management service to help you make this year your best yet!
Landlords - Find out more here… https://www.progressivelets.co.uk/landlord-services/
Tenants - Find out more here… https://www.progressivelets.co.uk/tenant-services/