As the years pass by and more and more inspiring first time homeowners look to make their move onto the property ladder in Denton, the uncertainty and difficulty of even grasping that first rung is becoming more apparent through the younger generation.
Infact the story in Denton is shared across Tameside as a whole borough, with many of the younger generation immediately leaping into the rental sector instead. Relationships have drastically changed over the past decade, with many plunging into long term commitments and starting families at a much faster pace and earlier on.
It’s the speed of these long term commitments that are almost setting the concept of renting into the heads of the younger generation as the answer, offering a cheap and quick method onto the property ladder with no long term commitments needed.
This is of course great news for landlords, as it means vacant properties in Denton and Tameside will let quicker with minimal voids. To gain an understanding on the sheer scale the past three decades has had an impact on for the younger generation’s mark on home-ownership, let’s take a look at the UK percentages:
The majority of Brits (over 75 per cent) aged over 65 as well as the baby boomers are owner-occupiers, holding the largest share since records began. They’ve faced a comfortable 48.3% rise of their share in property since the early 1980’s.
On the other side of the coin however is the younger generation. The decline over the past decade of 18-24 year-old homeowners is plain to see, dropping from a third of young people in the 1980’s to less than one in ten today.
The difference between the number of homeowners by age group in Denton is clearly substantial as the younger generation continue in the rental sector. But what does this mean for current Denton homeowners, landlords or those looking to invest/step onto the Denton property market?
For current Denton homeowners, selling your property is going to be difficult if you’re targeting a younger market. Positioning your home as the ideal place to reside for members of the older generations as they look to settle down and retire in their property is the ideal perspective.
For Denton’s property investors or landlords (or potential of both of course), Denton is continuing to prove its worth in the rental sector. The lack of homeownership for the younger generation points to a strong future for rents and yields, and some of my own landlord’s properties are telling some excellent stories and showing some marvellous results.
If you’d like to find out what some of their properties are generating and what yours could be doing if you were to buy one in Denton, I’m always more than happy to have a chat.