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Brits’ ‘love affair’ with buying property as strong as ever

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05/08/2013
The British obsession with owning property is as strong as ever with the overwhelming majority of current renters still committed to buying their own home, research from Rightmove suggests.

Despite the on-going issues of affordability, saving for a deposit and accessing credit, a remarkable 96% of tenants still dream of owning a house, with seven in ten saying they will never stop trying.

However, the survey of 3,000 renters revealed the number of ‘trapped tenants’ – people who want to buy but cannot afford to – has reached record highs.

Three in five (60%) of today’s tenants are ‘trapped’, up from 56% a year ago. Worryingly, more than three in ten trapped tenants are ‘regressive renters’, people who have previously owned their own home.

It is hoped the government’s Help to Buy scheme, which widens from just new build property to include all existing homes under £600,000 in January 2014, will offer hope to disillusioned renters.

However, the survey found that only 15% of potential buyers were on course to save the required 5% deposit.

Miles Shipside, Rightmove director and housing market analyst, said: “In spite of buying looking increasingly attractive as the costs of renting continue to rise, saving a deposit continues to get harder. For many of those trapped in rented accommodation and dreaming of escape, it’s a nightmare scenario.”

 

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