Wednesday, 30 January 2019 10:49

Middle aged Britons struggling with rental trap

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Most people believe that it is the youngest in society that is embroiled in the property rental game, but this actually isn't the case.

In the last decade, there has been a massive leap in the numbers of middle-aged Britons being forced down the rental path as it becomes increasingly difficult to get on the property ladder.

Figures show that people age 38 and over are nearly twice as likely to be renting a property now than they were over 12 years ago. The biggest reason for this is of course how high house prices are currently. All too often we hear about the plight and strife of first-time buyers, but there seems to be a significant problem with the older generations in our society as well.

Something that has played its part in these figures is how renting property was marketed to this group of people years ago. When house prices started to rise to ridiculous levels about twenty years ago, people were pointed towards renting. They were plied with positives such as still living an independent life in a property of their 'own' while saving up for a deposit. Unfortunately what these people quickly learned - and are still learning - is that it is nigh on impossible to pay rent and save up for a deposit at the same time. This is why we see these figures. When they were in their twenties, they made the mistake of entering into renting and are now stuck in this cycle, unable to get out. As house prices have continued to rise, and rents keep going up, it is proving harder than ever to get out of the trap.

It should serve as a warning to the youngest in our society. Entering the rental game may seem like the best idea from a here and now point of view, but regarding longevity and property purchase ambitions, renting should be avoided like the plague.