Experian’s latest Mosaic people classification, diverse groups of the population are looking for alternatives to buying, with analysis revealing older groups of society are emerging as renters, taking up affordable properties from the younger generation.
In turn, young adults are forced to rent affordably in suburbs previously dominated almost exclusively by families.
Jonathan Westley, managing director, Experian Consumer Information Services, said: “Renting is no longer solely the preserve of young career starters; we’re seeing an increasing trend in groups of the UK population, whom previously we would have expected to own homes, joining them.
“This shift in society also indicates changes in people’s financial commitments and the growing complexities around fully understanding individual circumstances.
“For lenders, this only increases the challenge of ensuring their lending decisions are fair and responsible.
“As the UK moves ever closer to the European model of homeownership, schemes such as the Rental Exchange will play a significant role.”