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Credit card provider, MBNA, claims their research shows that landlords are to blame for a drop in the number of young people undertaking DIY projects in their homes. MBNA says Generation Rent can’t afford to spend money on DIY because they are too busy trying to scrape together enough money to pay the rent.
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Buy to Let Market Booming
With a sharp rise in the number of buy to let landlords in the last few years, affordable property is hard to come by and many first time buyers are stuck in a vicious circle whereby they are paying so much in rent that they can’t afford to save for a mortgage deposit.
Landlords Ban DIY
People living in rental accommodation are normally not allowed to do DIY in their properties, so aside from the fact they have no spare money, they also risk being evicted if they start getting handy with power tools.
Mark Elliott from MBNA explains: “Generation rent is usually barred from making home improvements by clauses in their tenancy agreements. Although [overall] DIY spending has grown by 42% in real terms since 1996, an increase in the proportion of people renting in the UK could impact the sector’s growth in the future.”
Research carried out by the Halifax reports that the average age of a first time buyer is now 31. Some experts predict that first timer buyers will be over 40 in ten years’ time.
