The dream of home ownership is becoming increasingly out of reach for many private renters, with a third fearing that they will never be in a position to own property, new research shows.
Duette, which produces energy saving blinds, interviewed more than 2,300 renters and found that 33% of those who are currently living in rented accommodation do not believe they will ever have enough money to buy their own home.
Instead of gaining a foothold on the housing ladder, most of these people could be forced permanently live within the private rented sector.
The flexibility of renting is another key reason why tenants do not plan to step onto the property ladder.
The study found that almost two-thirds of renters - 63% - admit they are happy in their current home, although many will seek to move property at some point.
A desire to move somewhere cheaper or more affordable was found to be the top reason for not staying in one place too long, with 35% citing this as the main reason for wanting to move home, while 28% confessed it was in order to move closer to work, and 17% said it was for a better social life.
A further 10% plan to move because they can afford to spend a little extra and live somewhere nicer.
Furthermore, 28% of renters admit they only stuck around in some of their homes because they were tied in by contract and couldn’t leave any earlier.
When asked how long they typically rented a property for before moving on, the below cities in the UK were found to be the top movers who don’t like to stay in the same house for too long:
1/ London – 1 year (average time spent in their rented property before moving)
2/ Manchester – 1 year and 2 months
3/ Birmingham – 1 year and 6 months
4/ Nottingham – 1 year and 8 months
5/ Cambridge – 2 years
6/ Oxford – 2 years and 3 months
7/ Liverpool – 2 years and 5 months
8/ Newcastle – 2 years and 6 months
9/ Cardiff – 2 years and 10 months
20/ Bristol – 3 years
Ashleigh Noon, spokesperson for Duette, said: “Renters are always going to move around more often than homeowners, purely because they have the luxury to be able to do so, whether that’s to move into a nicer home or to save money on what they’re already paying.
“While it’s great to hear that so many renters hope to own their own home one day, it’s a sad reality that one in three don’t believe they will ever have enough money to be able to buy – something that many Britons feel.”
Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.
.jpg)
%20(002).png)
.png)
Join the conversation
Jump to latest comment and add your reply
Surprised its only one third, but an indicator however of the price impact BTL has on the market. First time buyers need to have access to the market.
Please let us all know your source for stating ".. price impact BTL has on the market." as it completely at odds with the findings of the "English Housing Survey" which found BTL had minimal impact on prices.
They live a totally different life style to the life we lived at their age, we saved, they spend, so unless some one gives them a property then they will rent until they die, mugs, but it's their choice .
Same old claptrap Mark? Gromit is quite right in what he says about the EHS but you may also care to read the recent report by the BoE that confirms what the EHS say.
The fact is that BTL has added massively to usable housing stock but that's being well and truly restricted now. For example in my immediate circle of friends, one complete a block of 5 flats last year, another 5 houses, another 9 houses. All of them have said that they won't build any more. And then there's another who's had a piece of land for a while and has only just applied to put 41 flats on it. However he too has said that he will not be doing any more after that.
You need to get your vision checked Mark because you clearly can't see the facts.
The 'have-it-now' generation can't buy a house because they are too busy buying cars / phones / 'experiences' now. We know its hard to save when you are renting but if there is no reason to save if you don't believe you can ever buy, so you can spend all your money instead.
Additionally, the traditional route of buying a house before you start your family has been reversed and if you start your family in rented accommodation you greatly reduce your ability to save & therefore buy.
Those who prioritise buying & are prepared to make sacrifices to do so still seem to find a way.
They surely do live a different life style, have far more education than my generation as we didn't have the chance but they don't want to buy Property, although Gov' is doing their best to force them then they will have power over them.
They are queuing up to get on the Council as the millions that are on there already, Temporary accommodation or babies is the first step without the aid of Section 21, ever since Government designed a system for them to smash the stable self-sufficient family unit in preference to broken family's.
Please login to comment