Cost of renting and buying forcing young people into smaller homes

Young people are being forced into smaller rented homes because of the cost and again if they buy due to the high price of property in the UK, new research shows. It means that young people aged 18 to 34 are four times more likely to downsize their homes than elderly people, according to the analysis by financial firm Hargreaves Lansdown. The survey found that 12% of young people expect to move to smaller place while just 3% of those aged 55 an over intend to downsize this year. It says that the figures confirm how hard it is for young people to move up the housing ladder. They also point to similar problems in the rental sector. Many under-35s looking to downsize are thought to be tenants in parts of Britain where rents are going up quickly. They are forced to move to smaller properties each year because their wages are not increasing at the same pace.