If you are in the property business it’s important to understand the ‘Millennials’ - those people born between 1982 and around 1994 – the term comes from research of that time line by Neil Howe and William Strauss. They are significant to the property industry as they are the next generation after the baby boomers and will take over when they retire. This generation has also been coined as generation ‘Y’ as they follow generation ‘X’ – those people born between 1965-1979. They are also known as generation ‘boomerang’, as they tend to go back home to live after finishing their studies.
The ONS, Office for National Statistics have estimated that there are around 13.8 million Milllennials in the UK, those people aged between 20-35 years old - making up 21% of the population. A generation that has been hampered by the financial crises in 2008, those people who just because of the time they were born will find it harder than ever to get onto the UK property market.
The CBRE, Commercial Real Estates Services, World Wide highlights that the housing situation for the Millennials stretches far further than just being a UK problem. Stats recently published in Negotiator showed that 64% of Millennials are renting world-wide, they state that this generation is having to rent because 65% think the cost of buying a house is out of their reach, 31% - it’s convenient to rent, 16% don't want to commit to buying, 15% can only afford to rent in the area they wanted, 12% said they had a wider choice of properties to buy, 11% stated that it was more practical to rent.
The media has also broadly described this generation as lazy, narcissistic, selfish and the ‘worst’ generation, not being able to live without the aid of a smart phone. However it’s not just this age of people who have faced attack, baby boomers have also been called ‘selfish’, and told that they are responsible for the current economic situation.
However if we embrace the positives of this generation - they have grown up in a time when creative expression has been embraced, they are open-minded, tech-savvy, and most have a very strong concern for the environment and social issues. Those property companies, businesses and individuals who embrace the positives will benefit the most – understanding the importance of technology, social media platforms which engage creatively as well as innovatively is key to helping them best communicate with this generation and their changing property needs.
Goodfellows’ through their day-to-day business strategy are always striving to improve and develop communication with our broad range of customer generational needs.