'not lacking options'

The Generation Rent report out this week by the Resolution Foundation suggested as many as a third of millennials may end up renting their whole life, but Leeds Building Society has said this will not just be a consequence of the difficulties involved in getting on the housing ladder.

Director of product and distribution at the lender Jaedon Green said that the report was actually a reflection of the “changing property aspirations” between one generation and the next.

He explained: “While home ownership remains a firm priority for many families, evidence suggest millennials are increasingly comfortable with the idea of renting because it aids employment mobility.

“The ability to move roles is often key to unlocking career and salary progression, with the volume of opportunities proportional to an individual’s employment mobility; how readily they can relocate to secure a role.”

Mr Green added that many people retain an “outdated view” of the property ladder and mortgage market, pointing to the extra help young people wanting to own homes can now leverage through schemes such as Help to Buy and shared ownership.

He added that the role of a financial services provider such as Leeds Building Society is to support a range of individuals with different needs, as well as landlords investing in the rental sector.

While many young people will indeed choose to rent instead of buying because of the flexibility and mobility it offers, a survey by Citizens Advice earlier this week has cautioned that some people are in a very different situation, being stuck in low-quality rented accommodation that they put up with for fear of eviction.

It stated that a quarter of a million households are in this situation, with people scared that they will be turfed out of their homes if they complain about issues such as mould, electrical faults or pest infestation. It is calling for greater legal protection against such ‘revenge evictions’.

Weighed together, the contrasting considerations of choice and fear would suggest that while the rental sector can offer plenty of choice for many tenants, new protections may help ensure that taking this option does not bring unexpected negative consequences.