The old British dream of homeownership is looking more like a fairy tale for millennials and Gen Zs. While the government flails about pretending to care – offering schemes that work better as PR than policy – renting is quickly becoming the default for those who haven’t got a foot on the ladder yet. But, surprise! This isn’t all bad news. The rise of renting could shake things up in ways that Britain’s ossified economy desperately needs.
For starters, renting means people can pack up and move wherever the jobs are. Got a tech boom in Manchester? Off they go. New factories springing up in the Midlands? No problem – they’re not stuck flogging a house for six months while opportunity passes them by. Unlike the poor sods saddled with a mortgage in a place where the local economy died along with the coal mines, renters can follow the money.
Of course, this means job-rich areas like London, Bristol, and other major hubs will get even busier. That’s a win for those cities – more people, more cash flowing into local businesses, and more chances for growth. But it’s hell for anyone already struggling with the rent or the daily crush on the Tube. As for rural areas and post-industrial towns, they’ll probably keep emptying out, with "For Sale" signs becoming permanent fixtures on the landscape.
Now, let’s compare this to our continental cousins. In Germany, renting is a way of life. Over half the population rents, and it’s not seen as a stepping stone to ownership but a perfectly respectable way to live. It helps, of course, that tenants have robust rights and rents are kept in check with effective regulation. France, the Netherlands, and others also boast rental markets that are better designed to ensure stability and security. Meanwhile, in Britain, tenants are often treated as second-class citizens, with insecure leases, spiralling costs, and the ever-present threat of a landlord turfing them out for no good reason. We’ve taken renting and made it miserable.
This flexibility is a double-edged sword. Sure, it’s great for ambitious individuals chasing work, but it also widens the gulf between thriving regions and those left behind. If the government doesn’t step in with serious investment in housing, transport, and regional development, the whole thing could turn into a social and economic nightmare. Instead of levelling up, we’ll end up with hollowed-out towns and overcrowded cities.
And let’s not forget the cultural impact. Homeownership ties you to a place, a community. Renting? Not so much. It’s all well and good until everyone’s so mobile they forget what it means to put down roots. It’s hard to care about a community when you’re counting down to your next move. Continental Europe manages to avoid this pitfall too, with longer leases and a cultural respect for renting that encourages renters to invest in their local areas.
So here we are, staring down a future where fewer people own homes, and renting becomes the new normal. There’s potential here – for flexibility, for growth, for progress – but only if we get a grip. If the powers that be leave things to chance, we’re likely to see the usual: a mess for most of us and a windfall for landlords and property developers. We could learn a thing or two from Europe, but whether this lot in Westminster will do anything about it – well, don’t hold your breath.
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