Owning a property no longer a long term financial goal for millennials

New research released by the Centre for Economic and Business Research (CEBR) and smart money app, Yolt, has found that rather than simply being frivolous with their money, millennials are actually not as interested in owning property as they have been before, leading many to believe this could be the first generation of lifelong renters, favouring the freedom and ease of renting above homeownership.

Owning a property no longer a long term financial goal for millennials

The research shows that just two out of every five millennials see buying a property as a long-term financial goal. However, over half (64%) of this age group are optimistic about achieving their future financial goals. This indicates that rather than being negative about the opportunity to purchase a home, this age group are less worried about it, putting other goals ahead of getting a foot on the property ladder.

The data also showed that millennials are saving more as a percentage of their monthly income to fund future financial goals than any other age group. On average, millennials are putting away a quarter of their monthly income, the highest of any age range surveyed.

With homeownership taking a back seat, millennials instead put things like families at the forefront of their saving aspirations with nearly half (49%) of millennials saying that supporting either their current or future family was their most significant long-term financial aim.

Pauline van Brakel, CCO, Yolt, said: “It’s clear that millennials are both optimistic and realistic about their financial goals. Far from being a frivolous free-spending generation, our #MillennialMoney research shows that lots of young people are sacrificing their day-to-day standard of living to future proof their finances. Purchasing a property is an area that has been particularly hit by this.”

What this means is that it’s more important than ever before for buy to let landlords to be entering the market, providing investment into the UK’s private rented sector on which millions are reliant. High quality rental accommodation is in short supply, and as more and more people look to rent in the UK’s premier city centre markets, more investors are required to balance supply and demand.

With long term renting here to stay, there really has never been a better time to invest in UK buy to let. Contact Knight Knox today to find out how we can help you with your next property investment!

Sheffield Guide vertical - April 2019

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