For millions of people home ownership is a dream that will never be reality. Data shows that rented properties will outweigh bought properties by 2040.
A study by a property management company highlights that in less than two decades the UK will have more people paying rent to landlords than owning their own home.
This will be an extremely sad time for the country as Brits have always been passionate about owning a home and renovating. We lead the world with property innovation, style and class, and this will be something that will feel like a loss when the culture shifts to the rental domain.
It is anticipated that by 2040, 56 per cent of Brits will live in rental properties, whilst 44 per cent will be home owners. We are now only behind Germany and France when it comes to tenant occupancy.
Jessie Hind, a property consultant based in London, said she was not surprised by the news. She commented: “It’s been coming so I’m not surprised by these figures. Property prices are still far and above what people can realistically afford in many areas of the UK and not just that people don’t have the same passion for owning a home as they once used to. Years ago, home ownership was all the rage, but now renting has become the norm so people haven’t the same desire and passion to put themselves through financial turmoil simply to say they own a home. Priorities have changed and behaviours have changed.”
We still like to point out that in the UK, nobody really owns their own property anyway. We are all renters through the system of Council Tax. Each month, we have to pay the council for the right to live in that property, so what really is property ownership anyway?
At least if the property is "rented", it can't be taken off people by the Government. Maybe there is truth to the saying ever cloud has a silver lining.