Young people happy to rent

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Generation Y happy to rent

Owning a property is not as important for young British people as it used to be with new research from protection specialists LV= showing that 42% of people aged 35 and under who are renting are happy to do so for the next 10 years or more.

The 42% of renters aged between 20 and 35, who are completely happy to rent, claim that it's not important to them whether they ever end up owning their own place, which indicates that a shift in attitudes to renting is taking place. The number of households in England that are privately rented rose from 2.4 million in 2005 to 3.8 million in 2011/2012, a 58% increase. The research suggests that this trend is likely to continue as the younger generation's attitude to renting continues to change.

The main reasons given for renting are varied:

17% said they don't want to be tied down to any one place

13% would rather get a feel for their area and their neighbours before making a decision

One in 10 simply have no inclination to buy

7% would rather spend their money on other things than putting it into property

Commenting on the research, Lemontree director Beth Barnham said: “Our team has noticed an increase in the number of young renters and the length of their tenancy over the past few years. We expected to see a change in this attitude after the government's recent introduction of the ‘Help to Buy’ scheme, however the latest initiative doesn’t seem to have increased the desire to put a foot onto the property ladder.”