The majority of UK renters are aspiring to own a property sometime in the future with the latest survey from Post Office Money Mortgages revealing how they expect to achieve that.
The research shows that people currently renting believe they would need eight and a half years on average to raise enough money for a deposit.
The average age at which people are expecting to get on the property has risen to 36 years.
The survey also reveals that nearly half (45 per cent) of renters are not expecting to ever be able to afford a home of their own. This is equal to around nine million of people in the private rented sector (PRS) at the moment.
Nearly half (46 per cent) of those who do not currently own a property say they would be encouraged by a fall in house prices.
Meanwhile, 26 per cent of renters believe more assistance for first-time buyers from the Government would be a great help. Lower interest rates would lead 24 percent of non-home owners to buy in the near future, whilst the re-introduction of no stamp duty for first time buyers would encourage 14 per cent to take the leap.
Hitting important milestones in life, such as getting married (13 per cent) or starting a family (10 per cent) are also triggers for first time buyers.
However 11 per cent of renters (more than two million people) say they enjoy the freedom of renting and admit they have no desire to own their own property.
| Main reasons for not owning a home | Percentage of current renters |
| Can’t afford the deposit unless circumstances change | 28 per cent |
| Can’t afford mortgage repayments | 17 per cent |
| Don’t want to own a home | 12 per cent |
| Currently saving for a deposit | 11 per cent |
| Like the freedom of being able to move when I want | 8 per cent |
“Clearly more needs to be done to give prospective homebuyers the confidence to get their foot on the ladder. Post Office Money has a range of mortgage products suited to the diverse needs of the UK’s potential buyers and provides expert support to help ease customers through the process,” John Willcock, head of mortgages at Post Office Money, said.
