Home ownership is not what it used to be

Home ownership is not what it used to be

The lack of affordable homes and the problems many people face in obtaining mortgages is well known to us all and this has played a big part in the changing mind-set when it comes to home ownership, especially across younger people.

Time was when home ownership was a bit of a status symbol and a sign of success but it is no longer seen as the be all and end all for people any more. The growth of Britain’s cities and the gravitation of students and young professionals into the centre of these cities as seen a plethora of new-style developments shoot up specifically for this audience. Often referred to as ‘build to rent’ these luxury apartments are targeting younger people offering them the lifestyle and flexibility that they crave and there is no shortage of people eager to rent them.

Proximity to work and all the attractions and convenience that the city has to offer has been a big draw for younger people. In addition, the flexibility that renting allows mean that they can also be more mobile when it comes to job opportunities.

Savills estimate that around 75% of workers would be prepared to relocate to cities to find work so being tied down to home ownership is not really conducive to this aspiration. This shift in mind-set towards home ownership is one of the key reason why the buy-to-let market is so buoyant and that doesn’t look like changing any time soon.