One of the largest-ever surveys of British homeowners and tenants suggests that more than a third of those currently in the private rented sector believe they will never be in a position to buy a home.
Although 15 per cent say they are saving for a deposit with plans to buy a home in the future, the research reveals that this can often be a long-term goal with 41 per cent of these savers saying they have lived in rented accommodation for more than five years.
The main reason given for renting is affordability - 56 per cent say they cannot afford to buy a house, but it is clear that many families are putting down roots in their rented homes.
Nearly a quarter, 22 per cent, say they are renting because the house has become their family home for the long term, and one in 12 say they chose to rent because the house is in a good area to raise a family.
However, the research - of 2,545 individuals, conducted on behalf of the Aviva insurance giant - also shows that renters are more likely to move around than those with a mortgage. Homeowners had moved on average 1.8 times over the last 10 years, compared to private renters who had moved 3.0 times.
The research was carried out by ICM in September, interviewing 2,545 adults across the UK; 1,301 lived in homes which they owned with a mortgage, while 1,244 lived in rented accommodation.
Comments
Something that already happens a lot on the Continent. It's a very British obsession to see buying a property as the be all and end all.
More supply is needed. Until then, house prices will stay out of the reach of most people and they will be forced to rent, whether they like it or not. And rents, particularly in London and the South East, aren't looking very rosy at the moment either.
Sad indictment of the state of the housing market in the UK if ever I saw one.