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Generation renters accept the fact they may never buy their own home

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Published: 21/10/2016   Last Updated: 21/10/2016  
Tags: Generation-Renters-Accept-The-Fact-They-May-Never-Buy-Their-Own-Home

Renters are conditioning themselves to the fact that they might never be able to buy a home, this is due to several factors including not being able to save up the deposit required to buy one. A survey by the Post Office found that two out of five people currently renting will never be able to afford their own home, which equated to 8.5 million renters never being able to get on the first step of the property ladder.

Their research highlighted that he average age to buy a property in the UK starts at 30 years old in Scotland, and increases in the South East where the figure is 35 years old and 37 years old for those living in the South West. Those who do expect to purchase their own home mainly tend to rely on the bank of Mum and Dad for a deposit, those people not so fortunate anticipate that it will take around eight years to save for a deposit. However some people who choose to rent do so as a lifestyle choice, as it gives them more freedom to move around the country.

John Willcock, head of mortgages at Post Office Money, stated: 'The struggle that first-time buyers face remains a huge concern and confidence among the group is low.

'High house prices and concerns about the cost of living have left many assuming that owning their own property is a distant dream rather than an achievable goal.'

 If you are looking to buy your first home and would like some help and advice then why not pop into your local branch of Hawes and Co or call our team on 0208 946 1000.