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50% of people renting believe they will never buy

Posted by on June 8, 2012

A massive 50% of tenants believe they won’t own a property at any stage in their lifetime, according to the Safestore Moving and Improving Index.

Its recent poll, which quizzed 2,058 adults, found that 42% of people wanting to get on the property ladder think that their best hope of being able to afford a home is to inherit money or a house itself.

Lack of deposit and the inability to get a mortgage are cited as the main reasons stopping those that don’t currently own a home getting on the property ladder, according to 29% and 17% of respondents respectively.

Peter Gowers, chief executive officer at Safestore, says: “At a time when people are continuing to struggle to make their first step onto the property ladder, we are seeing more and more people moving into rented accommodation.”
The difficulties for people getting on the property ladder is not going unnoticed in the rental sector with 50% of tenants reporting a landlords’ market where demand in their area is high and properties are scarce.

Those aged 55 and over and those aged 35 to 44 who currently aspire to own a home are most reliant on inheritance to get on the property ladder, according to 57% and 55% of respondents respectively.

Source: www.mortgagestrategy.co.uk

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