Two in five renters fear they will never afford to own a home
A significant number of people renting in the UK say they will never be able to afford a home, according to new research by Halifax and YouGov.
The study found that two in five renters cannot see how they will ever be in a position to buy a property, despite a desire to own a place of their own.
It was also revealed that around three in ten private renters in the UK think it is now normal for people to rent for life. However, just 14% of those aged between 18 and 24 share this view, with more than half of this group believing they will one day own their own property.
Renters aged between 35 and 44 are less optimistic about being able to ever acquire a property, with a third considering it normal to rent for life and 28% believing that they will never buy somewhere.
Russell Galley, managing director at Halifax, commented: “Taking that first step onto the property ladder remains a rite of passage for many,” said Russell Galley, managing director at Halifax.
“Last year, first-time buyers accounted for the majority of the mortgage market for the first time in well over 20 years. This shows that with the right support and a few sacrifices, home ownership can remain an attainable goal.
“The financial hurdle of saving enough for a deposit might feel like a daunting or at times near-impossible task, but there are a number of options out there, including government schemes and family support mortgages, to help put first-time buyers on the right track.”