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TODAY'S OTHER NEWS

Millennials Rejoice! You’re paying less rent than before…

Research from Hamptons International suggests that millennials are paying a lower proportion of the total rental burden in Britain than a year ago - because more of them can afford to buy.

The Countrywide brand, which issues a monthly rental market report, says that in 2019 across Great Britain tenants spent a record £62.4 billion on rent. This is £3.1 billion more than in 2018.  

Since 2007 millennials have paid the majority of rent in Great Britain and this was the same last year - but the proportion is coming down.  

Last year millennials paid 60 per cent of all rent in Great Britain, totalling £37.3 billion. However this is down from a peak of 64 per cent in 2015 as more millennials have become homeowners in recent years. 

It is the youngest generation born after 1995 - the so-called Generation Z - who have picked up the baton.  

Last year Generation Z tenants paid 15 per cent of all rent in Great Britain, equating to £9.2 billion.  

This was a £3.1 billion year-on-year increase and marked a significant rise compared with 2014 when Generation Z paid just £0.3 billion or 1.0 per cent of all rent. And Hamptons says that this year it is likely that Generation Z will pay more rent than Generation X (born 1965-1976) for the first time.

While the youngest two generations combined pay nearly three-quarters of all rent in Great Britain, older renters still play a significant role in the rental sector.  

Last year baby boomers - those born between 1946 and 1964 - accounted for 8.0 per cent of the total rent bill and paid £5.3 billion.  

This was down from 10 per cent in 2018 when they paid £5.9 billion in rent.  

Meanwhile the oldest generation (those born pre-1945), many of whom are homeowners, paid just £0.5 billion in rent last year, £0.2 billion less than in 2018.

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