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.