One in five private renters say they’re feeling frustrated by their situation, while others say they’re financially vulnerable renting long term (18%).

But according to West Brom Building Society research, the desire to own a home remains strong, with renters citing multiple reasons as to why they want to get out of the rental trap. 

This includes gaining a more secure financial future (46%), improving quality of life (44%) and giving their family more stability (42%). 

The research, which surveyed over 2,000 private renters from across the UK, found that many face a variety of challenges when it comes to buying their first home. 

Over half of respondents felt their biggest barrier to home ownership was high house prices (52%). Other reasons include rising living costs making it hard to save for a deposit (40%), while a quarter cited high mortgages rates as a factor (25%).

With financial pressures making homeownership more challenging, many tenants are staying in the rental market far longer than expected. 

One in seven were found to have rented for two decades (14%) and a tenth had been renting between 16 and 20 years. 

The survey also highlighted that renting isn’t just for the young, as over a fifth of private renters (22%) are over the age of 55. 

In terms of renting and saving up to buy a home, the findings were clear, affordability remains a major challenge across the board. 

A fifth of renters spend 30 to 40% of their monthly salary on rent1 and around one in seven shelling out up to 40 to 50% of income on rent each month.

Despite these challenges, the survey found that nearly half of respondents (48%) had at some point tried to save for a home deposit, but this figure dropped significantly when asked if they were currently saving for a deposit (28%). 

Others cited financial goals, such as paying off debts or saving for a wedding having taken priority (34%). 

And it wasn’t straight forward for those who had started saving, as over one in three (38%) admitted to dipping into the pot to cover living costs, or to make a necessary large purchase, such as buying a car or paying for a holiday. 

A spokesperson at West Brom Building Society, says: “These findings paint a clear picture of the challenges renters are facing. It’s no surprise that high property prices, rising living costs and the changes in stamp duty, are making it difficult for people to save for a deposit. But it’s encouraging to see so many renters determined to take that step towards buying a home.”