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Rentflation: Gen Z's Housing Dream Dilemma

  • Writer: Sarah Ruivivar
    Sarah Ruivivar
  • Mar 28
  • 2 min read

Ah, the housing ladder – once a sturdy climb, now a slippery slope for Gen Z! Barclays has sounded the alarm on "rentflation," revealing that 58% of UK tenants have seen their rent rise in the past year.


For Gen Z, it's even more acute, with 36% experiencing hikes in just the last six months.


The average renter is now £105.90 lighter each month, but Gen Z faces an even steeper climb, with rents up by £134.70 monthly. This rent surge is a major roadblock to homeownership, with one in five renters citing rising costs as a key barrier.


Despite the hurdles, Gen Z remains optimistic. Nearly 60% are diligently saving for a deposit, and 40% believe they can snag a home within five years. However, the dream often hinges on family support, with two-thirds admitting they'd struggle to buy without a financial boost from relatives.


 

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Barclays' data paints a challenging picture, as the average age of first-time buyers creeps up to nearly 34 in 2024. Yet, Sian McIntyre, Barclays' Managing Director of Mortgages and Savings, notes a silver lining: prospective buyers are adapting to market volatility, maintaining confidence despite rising prices and interest rate uncertainties.


Gen Z's determination to own a home showcases their resilience and the enduring appeal of property investment. So, while the climb may be tough, this generation isn't giving up on their housing dreams just yet!



 

Want to hear more? Join Mal on the Property AI Report Podcast each week!

Access from your preferred podcast provider by clicking here

 


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