Renters fear they will never own home
Research by the Post Office found that nine million renters do not think they will ever have a home of their own.
The majority of these people would like to own a property, although two million (11%) said they were happy renting forever.
For those who can get onto the property ladder, home ownership is occurring later in life. The average age of a first-time buyer is now 36, a year older than when the last survey was conducted in 2014.
One-in-four (28%) would-be buyers said they would never be able to save for a deposit unless they managed to get a high earning job or receive a cash windfall.
Some 17% said they were worried about their ability to meet monthly mortgage repayments.
John Willcock, head of mortgages at Post Office Money, said the market was continuing to move away from prospective first-time buyers.
“The average age at which non-homeowners expect to get a foot on the property ladder has increased to 36 over the past year, which is a worrying trend. It is clear that there is still a long way to go to inspire confidence in the first time buyers’ market, with nine million feeling they won’t ever be able to buy their own property.”
“The size of a deposit is clearly the biggest hurdle that people face, with only 31% expecting to be able to raise the money alone.”
Top five reasons for not currently buying own home
Can’t afford the deposit unless circumstances change 28%
Can’t afford mortgage repayments 17%
Don’t want to own a home 12%
Currently saving for a deposit 11%
Like the freedom of being able to move when I want 8%