Hopes are low for renters wanting to become first time buyers

Fri, 10 Oct 2014

Hopes are low for renters wanting to become first time buyers
Renters are giving up on the hope of ever being able to afford their homes, according to a recent survey into potential mortgage borrowers.

Santander Mortgages looked into how hopeful current tenants felt about their prospects of ever being able to buy a house.

The younger renters seemed even more desperate than the older tenants, with 23% of 18-24 year olds saying they would relocate and change jobs in order to get a foot on the property ladder. This is compared to just 9% over 24 years of age.

Separate research by the housing charity Shelter supports this conclusion, and added that the biggest issue is saving money for a deposit.

Two thirds of private renters in England apparently feel trapped because they are unable to save for a deposit, as 40% of their income goes towards their rent for the month.

Theoretically, this lack of hope should be prevented by the Rent to Buy scheme that was announced recently, although it will do nothing for those already stuck in this 'debt trap', and will not reach very many renters at all.

Building up a deposit is a huge issue for some people, and constantly pushes the hope of ever owning their own property further and further away.
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