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The rich and wise have planned to purchase property for their children, following their birth. And rent out said properties to generate an income stream in the interim period. A win-win situation for rich people. Money makes money ! Building up equity over time.

For mere mortals, based on data from the Office for National Statistics and other sources, here are some relevant trends:

• Homeownership rates in the UK peaked around 2003 at around 71% of households. Since then, they have declined somewhat.
• In the early 1990s, around 65-67% of households were owner-occupied. By the early 2020s, this had fallen to around 65%.
• The private rental sector has grown significantly, from around 10% of households in the early 2000s to nearly 20% by the early 2020s.
• This reflects increasing difficulties for younger generations to get on the property ladder due to factors like high prices, tight credit conditions and growth in insecure employment.
• However, homeownership rates remain highest among older age groups who bought properties in previous decades.

So in summary, there has been a moderate decline in homeownership rates over the past 20-30 years, coupled with strong growth in private renting, especially among younger age cohorts.

As of December 2024, property rental rates in major UK and Irish cities have experienced significant changes, influenced by factors such as demand, supply constraints, and economic conditions. Here’s an overview of the current rental landscapes:

United Kingdom:

• London: The capital has seen a record annual rent increase of 11.6% up to November 2024, bringing the average monthly rent to over £2,200. This surge is attributed to a shortage of rental properties and increased demand from tenants unable to afford rising mortgage payments.
• St Albans: Outside London, St Albans ranks as the most expensive city for renters, with average monthly rents at £2,307, which is 71% above the UK average.
• Manchester: Average monthly rents for a one-bedroom apartment in central Manchester range from £800 to £1,200, reflecting the city’s growing population and vibrant economy.
• Birmingham: In central Birmingham, one-bedroom apartments typically rent for £700 to £1,000 per month, depending on location and property condition.
• Glasgow: Known for its affordability, central Glasgow offers one-bedroom apartments with average monthly rents between £600 and £900.
• Edinburgh: The rental market in Edinburgh has seen a 42% increase over the past five years, with average monthly rents for a one-bedroom apartment in central areas ranging from £800 to £1,200 or more.
• Belfast: Tenants in Belfast spend approximately 33.1% of their net income on rent, making it one of the most affordable major cities in the UK for renters.

Ireland:

• Dublin: The rental market in Dublin remains highly competitive, with average monthly rents for a one-bedroom apartment in the city center ranging from €1,800 to €2,200. Factors contributing to high rents include limited housing supply and strong demand.
• Cork: In Cork, average monthly rents for a one-bedroom apartment in the city center are between €1,200 and €1,500, reflecting a more affordable option compared to Dublin.
• Galway: Galway’s rental market shows average monthly rents for a one-bedroom apartment in the city center ranging from €1,100 to €1,400, influenced by its status as a cultural hub and university city.

It’s important to note that these figures are averages and can vary based on factors such as property type, exact location within the city, and current market conditions. For the most accurate and up-to-date information, consulting local estate agents or property websites is recommended.

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