Milton Keynes, UK, 2015-3-18 — /EPR Retail News/ — Over 80 per cent of UK renters admit that they aren’t saving for a home of their own1 as renting continues to become increasingly common around Britain.
43 per cent of people said they feel trapped renting because they cannot afford to save for their own property1, but 25 per cent of respondents also said that renting suits their lifestyle1, according to research by Heart of House available at Argos.
The findings support research by the Office for National Statistics which shows that the number of homeowners aged 25-34 has decreased by 24 per cent over a ten year period 2, as is the case for 16-24 year olds with 24 per cent less owning their own home2.
London and Manchester are where renters are struggling to save, while renters in Birmingham and Leeds are more optimistic about climbing onto the property ladder.
Despite renting suiting the lifestyle of a younger generation at university or moving away for a career, around half of tenants are actually aged over 55 as older people cash in on their property and make the most of their retirement1.
Melanie Goodchild, Brand Manager for Heart of House, said: “It looks like renting is here to stay, but whether the decision to rent is financial or lifestyle related, there are quick ways that tenants can change a rental property to really make it feel just like their own place.
“This could be anything from carefully positioned mirrors, or adding splashes of colour with accessories like cushions and photos. If you talk with your landlord, you may be able to do even more.”
Notes to editors:
1 The research for Heart of House of 1,000 people was carried out by Opinion Matters in December 2014
2 ONS: Housing and Home Ownership in the UK, January 2015
About Heart of House
Heart of House is a range of homewares and furniture designed for real family life, available from Argos. Heart of House offers a wide range of more than 1600 practical and stylish products that are made to withstand the knocks, bumps and demands of daily family life.
Argos is a leading UK digital retailer, offering around 50,000 products through www.argos.co.uk, its growing mobile channels, stores and over the telephone.
Argos continues to be the UK’s largest high street retailer online with around 123m customer transactions a year through its stores and 738 million website and app visits in the 12 months to February 2014. Customers can take advantage of Argos’ convenient Check & Reserve service available through its network of 756 stores across the UK and Republic of Ireland.
In the financial year to February 2014, Argos sales were £4.1 billion and it employed some 29,000 people across the business. Argos is part of Home Retail Group, the UK’s leading home and general merchandise retailer.