A report from economists at PwC states that we are now a nation of renters, with the number of new homebuyers set to fall over the next 10 years. The majority of those frozen out of home ownership will the under 35’s. A committee of MP’s has warned that the current housing policy was ‘a mess’ and that those ages 18-34 faced the prospect of being ‘permanent renters’.
This chart shows the percentage of homeownership by age, across different age cohorts. Whilst 64% of homeowners born in 1960 and 1970 owned a house by the time they were 35, just 26% (down to a shocking 5% if you are in London) of 35 year olds are predicted to own a home by 2025.
Campbell Robb, chief executive of Shelter, said: “Faced with sky high housing costs and instability, and forced to wave goodbye to their dreams of securing a home of their own, the shortage of affordable homes in the capital is putting huge pressure on London’s renters.”
Further to this Shelter have released a new tool that lets you ‘Discover the home your rent could’ve bought you’. It takes your monthly rent, the time you have been renting for and your postcode and lets you know just how much you have spent in rent, and what the same amount of money could have bought you in your area.
Don’t forget Monese enables you to continue to have control of your finances whilst you plan for your future. With the Monese app you can send and receive money in real-time, no waiting. You can make currency transfers for only 0.5% above the mid-market rate; which is one of the best rates available. Using our app you can also make payments, check your up-to-date balance, review your transactions, get paid to invite friends – plus much more.