Most renters fear that they will never be in a position to buy property due to the sheer cost of saving for a deposit.
Saving a deposit is without doubt the greatest challenge when buying a first home, and so it is perhaps unsurprising to find that more than half - 56% - of renters surveyed said they choose to rent because they cannot afford the initial lump sum of purchasing a property.
Some 2,000 renters took part in the research, commissioned by Intus Lettings, which revealed that the issue of affordability is far more prevalent in over 25s, with some respondents even stating that the only way they would be able to buy a property is by winning the lottery.
While 57% of 18-24-year-olds have a more optimistic outlook on homeownership, those over the age of 25 continue to rent because of financial concerns, with 63% of 25-34-years olds , 64% of 35-44-year-olds, and 60% of 45-54-year olds all saying they do not have the money for a deposit.
Hope McKendrick, lettings manager at Intus Lettings, said: “Despite wages rising at the fastest pace in nearly a decade and falling house prices, the difficulty of moving from rented accommodation to owning a property continues to be widespread.
“The problem of finding a deposit is a common theme across the regions. However, more people in Northern Ireland [69%], the South East [64%], South West [61%) and Wales [60%], have admitted they rent because they can’t afford to buy.”
When asked what the biggest factor was when looking for a property, 41% of respondents rated affordability as the biggest reason, with location - 25% - and transport links - 8% - ranking much lower.
Hope added: “What the research does show is there is greater confidence amongst under 25s when it comes to owning a property in the future, compared to their older counterparts, with 75% of 18-24-year-olds saying they would save their own money to buy a property.”