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Generation Rent pessimistic about homeownership

Renters in the UK are pessimistic about their chances of ever getting on the property ladder, according to new research.

The third annual Generation Rent report by Halifax is based on discussions with a number of people aged 20 to 45, and their parents, to identify trends. It found that 31 per cent said they would only be willing to save for a maximum of three years to raise a deposit for their house purchase.

Over 70 per cent of survey respondents said that that the country is split between those who can and those who can’t afford to buy a property.

Indeed, more than a third of those polled said that they would never be able to save the money they need for a deposit - with the average for first time buyers currently standing at £26,956.

A fifth of non-homeowners aged between 20 and 45 said they have already given up hope of ever owning their own property, a figure which rises to 43 per cent among 40-45 year olds.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate financeADNFCR-2776-ID-801599988-ADNFCR

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