Latest Report Claims by 2032 Half of the Population in UK Will beLiving on Rent

A latest research report from an ex-economist of Bank of England has predicted that by 2032, less than half(49.2 percent) of the people in the United Kingdom will have their own homes. Whereas, rest of the population in the country will rent their homes instead of having their own, claims the report that was published by the Intermediary Mortgage Lenders Association on Friday, May 16, 2014. According to the latest report, soon only old people will have their own homes, while for millions of young and middle aged people ownership of a home will become a dream. Homeownership was at its peak back in 2003, as then percentage of households was at 71 percent in England than, but now this figure is at its lowest level, 65.2 percent.

This means that within nest 18 years the percentage of homeownership will plunge down by 16 percent. If this prediction proves true then, it will be the first time after early 70s when most of the people will be living onI rented accommodations instead of their own houses. It is because of this very reason young people were called ‘Generation Rent’ in the research report. However, if things really got that worse then, this term is most likely to become ‘Nation Rent’. Already the average price of a house inthe UK has bounced up to £250,000 that is roughly nine times more than the average salary of person, who is earning close to £27,000.

The IMLA report has made this prediction because so far government has not purposed any new policy that addresses the shortage of new houses. Due to this reason, the report has warned that if soon no measures will be taken against this problem then, majority of the people in the UK, whether from social or private sector, will be renting by 2032. The Department for Communities and Local Government Currently has revealed that currently there are 14.3 million homeowners in the England and of them most of them are 65 and above age. 

In this age group 4.6 million people have their own homes. After them people between the age group of 45 to 54 comes at number two, as they own 1.6 million homes. In contrast to them, ‘owner occupiers’ between the age group of 35 to 44 have a 2.5 million share. The executive director of IMLA, Peter Williams said on this occasion that this problem has arisen because of failure to build new and enough homes. 

It is not clear whether government will take an action on this report to overcome the shortage of new homes or not, but one thing is for sure that if you need a property on rent in Leeds then, Oasis Properties is the one that will get you your dream space and at affordable price.