That’s according to research from Intus Lettings which also revealed simply keeping up the rental payments was a more pressing concern for many tenants than moving ahead with homeownership ambitions.
The survey of more than 2,000 renters discovered while just under half (47%) were saving for a deposit on their first property, 60% were putting cash aside to pay for a holiday. Other events or items on which renters were focusing their savings goals were Christmas, a new car and a rainy day fund.
But despite many more renters prioritising a holiday over a house, there were still large numbers of tenants who were setting their sights on homeownership.
Young optimism
Intus discovered those in the 18 to 24-year age group were most optimistic about their chances of getting onto the property ladder with more than half saying they would be able to purchase their own home in future.
Meanwhile, fewer than a third of renters over the age of 45 thought they would ever own their own home.
Hope McKendrick, lettings manager at Intus, said as property costs continued to rise faster than wages, renters ambitions to purchase a home might be giving way to saving for more readily-attainable goals such as a holiday or a new car.
She added: “The lack of cash which renters are able to save towards a property seems to start having a real impact as they get older, as each age group surveyed is considerably less likely to believe they’ll ever own their own home.
“Although our research has shown that nearly half of tenants intend to save for a deposit in the next 10 years, high costs within the UK housing market mean this isn’t always possible for renters.”
