00:00With crazy property prices, is renting becoming the new cool in Europe?
00:08We know, your parents have been telling you for years to buy a house instead of renting,
00:14because it's just money down the drain, right?
00:17Well, studies show that those attitudes might be changing.
00:20First of all, it takes an average of 7.3 years to save up for a deposit in Europe,
00:25and in countries like Germany that goes up to 10.
00:28And there are several more reasons deterring people, some of which have little to do with money.
00:34First of all, 53% of those who don't plan to get on the property ladder say they're perfectly fine
00:40with their current situation.
00:42The second deterrent, it's not the mortgage.
00:4421% of people who aren't planning on buying say it's because they'd rather not have the ongoing responsibilities of
00:51property ownership.
00:52The third reason is the actual price tag, including registration duties and property taxes,
00:59which, in countries like the UK, Belgium and Spain, range from 6% to more than 8% of the
01:05house value.
01:06Financial difficulties aside, in many cases, renting is a conscious decision influenced by lifestyle.
01:1316% of people who prefer to rent do so to be free to move where they want and when
01:19they want,
01:20a rate that rises to 50% in Malta, reflecting the country's large foreign resident population, and to 33%
01:28in Finland.
01:2916% of people who prefer to land.
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