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Millennials play renting game

Millennials face spending a third of their income on rent, according to new figures.

The research shows that the nationwide average is £566 for a room in a shared house among young tenants in their twenties.

Estate and lettings agency Hamptons International carried out research in 20 cities, using its own data and that from the Office for National Statistics (ONS).

In percentage terms, Brighton topped the list with £647 (35 per cent), followed by London £728 (34 per cent) and then Glasgow £558 (33 per cent).

Dorset as a county was not included but was Bournemouth rated joint 16th on the list with an average rent of £473 per month, about 26 per cent of the average income.

However, figures from the National Housing Federation (NHF) show that rents in Dorset are £771 in northern Dorset, £809 in western Dorset and £650 in Weymouth & Portland.

Although not comparing like for like figures, the statistics do illustrate the struggle many younger people – especially Millennials – have in saving for a deposit to buy a property when also paying rent in the private rented sector.

This particular sector was one of the groups that Opening Doors was launched to help – especially in rural parts of Dorset where younger people may leave communities because of a lack of housing which they can afford.

Opening Doors aims to encourage the construction of 20,000 more homes of all tenures by 2033 across north, south and west Dorset.

Don’t forget to sign the Opening Doors Home Ownership Register for latest details about new homes for sale and rent.