Insecurity of the UK Property Market - Article Analysis
A study conducted in the UK found that in 2017, 35% of renters were aged between 25 - 34 years old. Despite the media often portraying the struggle of young people to enter the property market without the help of family, it is actually all demographics that are being affected by the growing ability to own a home.
With more renters in the market, individuals and families across all generations are struggling to ‘set their roots’ in their home. For instance, families are under stress as many landlords don’t offer ongoing lease security, meaning their children could be separated from their friends as a result of a forced property move. On the other hand, older generations are often not considered for mortgages because of the likelihood of reduced fund inflows in retirement years, resulting in more shared housing situations.
These issues are pertinent to the need for an understanding of both public and private sector housing demands. Better management tools are needed to hold landlords to account and data gathered on how well people know their rights when it comes to renting in the private sector. Through the improved provision of informational resources, the monitoring of landlord behaviours and the establishment of affordable housing options, we may see a reduction in the levels of current housing stress.
Private renting sector by age of household reference person (%), 2007 and 2017, UK
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