📉The total amount of rent paid by tenants in Britain fell by 8% this year.
A combination of factors are to blame:
🏡Younger people living at home longer
🧑💻Rise of remote working
🏦Better lending conditions for first-time buyers
The national rental bill is below 2015 levels - despite average rent per property rising more than 7% in 2020.
The biggest rental share was paid by millennials, those born between 1980-96.
But as more of them buy, the rent bill paid by them has falls
The amount of rent paid by Generation Z is growing at a slower rate than their millennial counterparts' ever did.
📅Ten years ago 23% of young people aged between 20-34 lived with their parents, but by 2020 this had risen to 28%
⬆️While the amount of rent paid by Gen Z may increase in value as more of this demographic reach adulthood, and rents become higher...
⬇️The number of renters in this group is expected to fall in comparison to previous age groups
Aneisha Beveridge, of Hamptons, said: "Mortgages for those with small deposits are far more widely available than they were in the five years after 2007.
First-time buyers are currently benefiting from a rate war between lenders.
🏡Beveridge also credited the rise of flexible working for helping younger people onto the property ladder at an earlier stage in life, by opening up cheaper markets outside city centres
💷"Leaving home in the middle of a financial crisis, like most millennials did over a decade ago, made buying a home difficult and, collectively, Millennials are likely to have paid more in rent than any other generation"
🌟Scientists found "significant amounts" of large organic molecules surrounding young stars.
➡️Dr John Ilee of the University of Leeds said the findings suggest the chemical conditions that resulted in life on Earth could exist across the Milky Way
📸Owen Humphreys/PA Wire
⭐️🪐The team studied the discs of swirling material which surround #stars and will eventually come together to form #planets