Meet the tenants: Generation Rent

Meet the Tenants: Generation Rent Owning your own property is a very British obsession, an ambition we've been culturally conditioned to work towards, and a notion that feels as old as bricks and mortar themselves. But we are witnessing a wave of people who are plumping i tenancy over ownership. The figures below highlight that more and more people are happy to rent for longer and don't see this as putting them at a disadvantage. Percentage of people that live in a home they don't own The average salary for people this age is £34,084 The national Scotland average 49% 52% North East 54% Northern Ireland North West 55% 51% Yorkshire & the Humber 52% East Midlands 51% East Anglia 58% West Midlands Wales 47% 46% South East 54% London South West 60% 53% On average 39% of renters' monthly income is spent on rent 39% £947 What are your main reasons for not buying? I can't afford the deposit I can't get a big enough mortgage I don't want to get tied down in one place I want to live in an area for a while before buying 63% 32% 17% 13% Getting on the property ladder isn't a big deal 10% I've got money but I like spending it on other things 7% Other 9% How old do you think you'll be when you buy your own property? 35% 30% The average age was 36 25% 20% 15% 10% 5% 0% 25 35 40 45 50 55 60 'It's absolutely critical that I end up owning my own property' 33.7% Disagree Agree 41% How do you feel about long term renting? (being in rented property for 10 years plus) Awful I prefer it 9.01% 18.48% I've no issue with it 33.74% Not great 38.77% At what age do you think renting is no longer acceptable? 20% 15% 10% 5% 20 30 40 50 60 70 Do you think there's an element of shame in never owning a property? 41% Yes No 33.7% Do you think the idea that you have to own a property to be Has the announcement of the government's 'Help to Buy' scheme motivated you to try and purchase a property? seen as a success is out of date? Yes Yes 43.1% 21.1% Do you have an insurance policy that pays out if you are unable to work through sickness or accidents? I have income protection 6.61% Ihave critical illness cover 10.12% I have another policy that covers this 8.60% No 65.44% Don't know 9.24% % of people % of people