September 2015
Featured in this insight: Financial services
Survey finds that nearly half of people renting fear they will never own their own home: A recent study, consisting of 900 participants, found that around 45% of people currently renting are of the opinion they will never be able to afford to own their own home.
The average age people think they will be able to take their first step onto the property ladder currently stands at 36; up from 35 in 2014.
At 59%, regions in the South East were revealed to have the highest proportion of people believing they will never have the funds to own their own property as opposed to the South West and East of England at 37%.
Public in the East Midlands were found to be in the highest age bracket; averaging that they would be around 46 years of age when it would be financially viable for them to buy their own property.
Ever increasing deposits due to rising house prices are believed to be to blame. Most believe it would take them over 8 years to raise enough money for a deposit resulting 1 in 10 believing they will have to wait around a decade until they are financially able to become homeowners.
In a separate study, conducted by estate agencies Reeds Rains and Your Move, it was revealed that tenants in the private sector have the highest arrears seen for 2 and a half years, due to an increase in demand for rental properties resulting in higher rental prices.
A spokesperson for the Department of Communities and Local Governments stated: “We’re determined to ensure that anyone who works hard and aspires to become a home owner has the opportunity to do so.
“Government-backed schemes like Help to Buy have already helped over 230,000 households into home ownership since 2010 and we will deliver 200,000 starter homes enabling young first-time buyers to buy newly-built homes at a 20 per cent discount.”
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