Debate Magazine

"Don't Worry About Insecure Tenancies...

Posted on the 20 March 2018 by Markwadsworth @Mark_Wadsworth

... because there's no job security either."
From City AM:
All this has led to a quantum shift in the attitude of young occupiers; faced with the prospect of funding large deposits and huge mortgages at interest rates likely to rise from their current historically low levels, they are resigned to renting for much longer than their predecessors. But are these shallower property roots part of a wider transition?
As an employer, I see a trend among our brightest young talent that, while they are willing and able to put their all into their profession from week to week, it is still their career for the time being and not necessarily what they want to do for the rest of their lives.
Similarly, to “make partner” or become a director of the company can no longer be the assumed ambition, and employers have to be ready to give short-term reward rather than rely on the long-term prospect of promotion for loyalty.
Renting for a year or less fits with the shorter-term and wider view taken by my children’s generation of their working lives, and the political and economic uncertainty in the years ahead means there’s no reason why we should see a reversal of this trend any time soon.


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