Most tenants cannot afford the deposit on a home to buy

Most tenants cannot afford the deposit on a home to buy


Todays other news
It's applied to the social housing sector for a year...
In total, three agencies have been kicked out of the...
The company also encourages tenants to bring in pets...
The event takes place next July...


Almost two thirds of rental tenants cannot afford a deposit to allow them to purchase their own home according to a survey conducted before the Coronavirus outbreak. 

Advertisement

Some 64 per cent of tenants polled by yieldit said they could not afford a deposit to buy a property and only a third were currently saving for one. 

Advertisement

The survey was small – just 500 tenants – but it showed that a quarter of tenants believed they did not meet the criteria for securing a mortgage.

Advertisement

Ryan Hughes, head of sales at yieldit, says: “It’s concerning to see the number of tenants saying they can’t afford to buy increase yet again. Renting is ideal for lots of people, for example those who are ready for their first taste of independence but don’t want the long-term commitment of a mortgage, but it shouldn’t be a barrier to purchasing a home.

“Of course, at the moment there are unprecedented concerns regarding paying rent which we believe are only lessening the likelihood of renters seeking to move. And with only a third of respondents saying they were currently saving for a deposit — and with financial uncertainty likely to make people dip further into those savings — it looks like the numbers of renters in the market won’t be changing any time soon.”

Advertisement

The survey was carried out by OnePoll. yieldit specialises in the sale of income generating buy-to-let property between investors. 

Advertisement

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Letting Agent Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
Recommended for you
Related Articles
Diverse letting agent team collaborating during a meeting.
The data comes from SpareRoom...
Letting agent handing over keys to new tenant in office.
Cheffins is the agency which partners with a building society...
For rent sign in front of a blurred house, real estate rental advertisement.
It's now almost six months since the Act came into...
Hand drawing upward trend graph on digital screen for property market.
However, demand for new buy to let mortgages has dipped...
Landlords are selling up and rents are rising as a...
This is apparent in the prime lettings segment, it's claimed...
The fine was slightly reduced in return for rapid payment...
Recommended for you
Latest Features
It's applied to the social housing sector for a year...
In total, three agencies have been kicked out of the...
Sponsored Content

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.