"Finish school, graduate from university, get a job, save some money and put it into a property".
Easier said than done.
'I am a home owner, I own my house'. For most of us millenials these words may never come out of our mouths, and mum and dad may have not realised this yet.
With rents soaring everywhere in the UK, the dream of owning your own piece of property while still in your 20-30s is a dream that may never come true for most of us. In fact, 65% of the under 35s in the UK rent their homes and are seriously struggling to save enough money for a deposit. The situation has got so bad that the older generation (of home owners) has labelled us GENERATION RENT.
But what has exactly happened in the years in between our childhood and the 9 to 5 careers? Let's talk numbers.
Over the past 15 years something has deeply changed in the UK. During 2001 and 2011, in fact, the number of households in the private-rented sector in England and Wales raised from 1.9 million to 3.6 million; with a drop of homes owned by mortgage of 15%. In other terms, the total number of people living in privately rented homes is now around 9 million and, for the first time in the UK history, this outnumbers those living in social housing.