You are here: Home - Mortgages - First Time Buyer - News -

Renters fear they will never own a home

0
Written by:
18/09/2015
As many as 45% of all people who rent a property believe they will never be able to afford their own home.

Research by the Post Office found that nine million renters do think they will never own 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%

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week