Britain Becoming A Renters’ Nation
The Great Britain is now foreseen by experts to become the renters’ nation. This was revealed by the result of the survey conducted recently by one UK’s giants in lending industry. Survey result revealed that not less than 2/3 of the country’s residents not having their home now seem to have lost interest in purchasing their property. The same survey result showed there are actually many factors more and more people in Britain losing interest in buying homes. Among them is the expensive property in the place and the strict lending rules as well. Apart from those, a big chunk of home renters also dropped the desire to save for their dream house.
The same survey pointed out that many of the young professionals in Britain who have the potential to buy their own property also showed no interest in purchasing one. According to that survey with over eight thousand respondents of 20-45 years old, only 5% are actually showing interest for their dream house. The rest of the responded were either not having extra cash or not interested at all in saving for a dream house. This made many of the respondents think Britain will end up becoming a renter’s nation for the next gen.
Many of the house renters in Britain also have this line of thinking that banks are not also interest to approve their applications for mortgages. The said survey also showed that 67% actually think that it is only a waste of time to be applying for home loan with most of the bank’s strict credit policies.
According to Halifax’s commercial director, Stephen Noakes, a lot of renters who have the potential to purchase their dream house are actually reluctant to apply for a mortgage for having the notion of not being granted.
In a survey of eight thousand people aging from 20 to 45, only 5% are re making spending sacrifices to save towards their first home. The remaining 95% actually do not have extra money and do not also have the interest of saving for a dream house. This is primarily the reason why more and more of the Britons especially the young professionals prefer to rent rather than have a house of their own.
Property analyst “Samantha Baden” at FindaProperty.com, reiterates that the said survey result somewhat jived with what they have found out. Baden added that in the date they gathered, they have seen that many potential buyers are actually spending over £81,000 for their rentals before they can actually purchase their first house. Most of these people are spending their hard-earned money for rentals especially now the renting seemed to have become a normal way of life in Britain.
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