UK property investment is the most common investment type for millennials. This is according to a report commissioned by online aggregator, freebets.ltd.uk.
While extra income can come from all sorts of ventures, there are a few prominent industries Brits turn to when looking to generate an extra income stream. One of which is property. Although the UK property market is in a time of flux, property investment remains one of the biggest sources of passive income for Brits.
The UK’s Growing “Gig” Economy, which surveyed 10,000 Brits, highlighted the changing property landscape and how it was encouraging a new generation of investors.
“From 2020 to 2021, 2.74 million unincorporated landlords declared income from renting property. While reports suggest that many “traditional” landlords are pulling out of the market due to rising costs of interest and fluctuating prices, it appears this is not putting off the younger generation of investors. From our research, the millennial demographic is showing a keen interest in investment properties. With a greater stomach for risk, we can expect to see younger landlords in the coming years,” the report states.
As well as traditional property rentals and HMOs, many Brits are eyeing up the Airbnb and holiday rental market, states the report.
“Nine per cent of adults in the United Kingdom are considering purchasing a vacation rental property within the next five years. In addition, mortgage options for borrowers interested in vacation rentals have increased by 72% since September 2021 to meet rising investment demand. With an in-depth knowledge of social media marketing and platforms such as Airbnb and Booking.com, Millennial property investors are equipped with sound knowledge on how to promote and market holiday lets.”
Delving into Brits’ growing desire for a “side gig”, the report honed in on the most popular side gigs in the UK. Aside from property, research shows that trading, online influencing and creative freelancing are the most popular ways to generate a secondary income.
Core Findings:
- 45% of UK workers between the ages of 16-40 have a side gig of some form.
- The most common avenues for extra income are property, trading, influencing and creative freelancing.
- The Covid19 pandemic and cost of living crisis have been driving forces for Brits seeking extra income.
- The majority of people with a side gig are saving for a particular purpose like a home, car or holiday.
- Side gigs are worth £346 billion to the UK economy.
- Generating a “passive” income is the objective for 23% of Brits.
