Who is Generation rent?

April 29, 2020 3:59 pm

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You may well have seen in the news or on programmes the phrase “Generation Rent”. You might be wondering who they are and why they have been given this name tag. It usually runs alongside the derogatory terms of snowflake etc because it relates to the current youth. However this is a bit of a misnomer to say that all of the generation rent are under 35, a goodly part of the preceding middle age generation find themselves in the same predicament. Simply put, this is a generation that will never be able to afford to have a mortgage under there on employment or savings. This is a generation that will only ever rent.

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In 1996 over 90% of people aged between 18 and 34 could have got a mortgage for the cheapest property in their area. However, as house prices have risen 173% and wages simply haven’t. They have had to worry about landlords, in many cases the generation above that have done well out of the house price rise, and Property Inspection Software like that from https://inventorybase.co.uk/.

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Is this a problem? On the continent it is not so much of an issue as it is not a part of the culture to own a house. As we all live longer they will have to wait for the property via inheritance.