Many young Britons allegedly live beyond their means, blaming high rents and “unforseen” agency charges as contributory reasons.
A home insurance company surveyed over 1,000 Britons aged 18 to 35, apparently finding a string of complaints about different aspects of property.
This included finding a property that’s the right size (a problem for 18 per cent of those who responded); finding a property in good condition (17 per cent); the difficulty of locating a rental property accepting pets (15 per cent); and finding somewhere with its own outdoor space (14 per cent).
Perhaps surprisingly the research - by insurer Urban Jungle - sound that nearly one in three young people have moved house in the last eight months because of the return to office works - a figure rising to 50 per cent in London.
The majority (60 per cent) also claim that they are an ‘unfair disadvantage’ compared to the generations before them when saving money and managing their finances.
One pain point that adds to this feeling of unfairness is the fact that the majority of renters (62 per cent) admit to having been stung by an unforeseen expense when moving house, including agency fees and legal fees.
The research also highlighted some differences between men and women.
Some 46 per cent of young men have moved house in the last eight months due to needing to be back in the office, compared to just 25 per cent of young women.
Meanwhile, when looking for a place to live, women find it harder to keep within budget, with 30 per cent claiming this has become harder than before the pandemic, compared to 22 per cent in men.
This may highlight the continued long-term impact of the pandemic on women’s finances, says Urban Jungle.
The research was conducted by Censuswide with 1,037 general respondents aged 18 to 35. The research fieldwork took place in the UK between November 9 and November 12.
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What a terrible headline and article...if you are going to write that tenants have been 'stung' by agency fees (illegal now) and legal fees (what on earth are they for in lettings for the tenant?!) then at least provide some examples!
What are these hidden fees that we all know are banned? Maybe it's anecdotal? Experience tells us that Gen Z treat perception of reality as truth.
What agency and legal fees? Perhaps Urban Jungle should be asked to explain this claim?
The rental market is more transparent and regulated than ever before. The TFB eradicated erroneous admin fees and other leverages to create a uniform market where the Landlord pays for all associated services with letting. I am not sure what legal fees would apply to a let- unless they are taken to court. Weak surveys create meaningless outcomes and this is a perfect example.
Shocker. Ask a bunch of kids if their financial mismangement is their fault, or someone elses, then act surprised when they say 'someone else's' and think the generation before them had it easier.
In 20 years these kids will be talking about what they would have done differently if they could go back... which is the stuff they could be doing now, but won't.
And time goes on....
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