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Ongoing Rental Hikes Leading to Rise of 'Property Drifters' in the South East
14% of young people in the South East spend less than 12 months at any one address
73% believe the levels of rent they pay will delay the age they can get on the property ladder
Almost half (48%) have considered moving countries to give themselves a better chance of getting their foot on the property ladder
New research from QualitySolicitors, a nationwide network of solicitor firms, reveals how the turbulent rental market is creating a generation of ‘property drifter’ Millennials who regularly move address without ever being in a realistic position to buy.
The survey highlights that 14% of young people in the South East are spending less than 12 months at any one address, with some clocking up to 30 different addresses between leaving the family home and purchasing their own home. It also reveals that nearly a quarter (22%) have at some point had to move as a result of their landlord increasing their rent; 43% which have done so in the past calendar year.
This constant drifting, coupled with soaring property prices, is also hindering future plans for these Millennials to become homeowners themselves, as 73% say the levels of rent they pay will delay their plans for getting onto the property ladder. The vast majority (88%) have already conceded that buying aproperty is unrealistic unless they get significant financial help and, sadly, one in ten have given up on the idea of buying a home entirely.
In fact nearly three fifths (58%) of those polled believe that winning the lottery is the number one thing that will help them buy a property given the current market, and almost half (48%) have considered moving countries to give themselves a better chance of getting their foot on the property ladder.
Those who have not yet lost hope in buying their own property have had to make compromises to help them save money. Nearly a third (29%) have moved back to their family home at some point – with over one in ten (13%) having done so at least twice. 23% have had to 'couch surf' with friends or family and almost half (48%) admit to renting in an area they know they will never be able to afford to buy in.
Richard Carter, Conveyancing expert at QualitySolicitors Martin Tolhurst comments: “It’s clear that rent hikes and sky-high property prices are seriously impacting young people’s chances of buying a home of their own. We are also finding that those who are lucky enough to be in a position to buy a property are often surprised at the complexity of the purchasing process. The last thing they want is a delay that complicates the process even further, and this is where it’s vital to find a good conveyancing lawyer who can communicate all the ins and outs efficiently and quickly. And to help stretch that budget further, find a first-time buyer friendly law firm like QualitySolicitors that offers ‘Free First Advice’, so you can talk things through and get clarity on potential legal costs right from the start.”
Top ten things Millennials in the South East say will help get them on the property ladder…
- Winning the lottery
- Inheriting money or a property when a loved one dies
- Getting significant financial help from a parent
- A property crash
- Moving away from the area they are renting in
- Buying with a friend or family member
- Getting significant financial help from a grandparent
- Moving with a wealthier partner
- Moving in with other people to save rent
- Moving back to the family home to save money
To help prepare Millennials when they are in the position to buy their own home, QualitySolicitors has produced some downloadable tips available here: www.QualitySolicitors.com/conveyancing.