More than a third of renters believe they will never be in a position to buy a home, a new study from Aviva shows.
A breakdown of the research, which polled more than 2,500 British adults, showed 35 per cent of 35-44-year olds and half (50 per cent) of those aged 45-54 have given up on the home-buying dream.
Although 15 per cent of renters say they are saving for a deposit with plans to buy a home in the future, this appears often be a long-term goal, with 41 per cent of these savers saying they have lived in rented accommodation for more than five years.
While renting is commonly seen as the preserve of younger people, the proportion of people in their late 20s and 30s is growing. The private rented sector in England has grown by 889,000 households since 2008-09, including 434,000 additional households in the 25-34 age band.
The number of families with dependent children living in rented accommodation in England has increased by 13 per cent since 2009. In particular, the number of two-parent households with dependent children in private accommodation in England has boomed over this period from 535,000 to 880,000 – an increase of 64 per cent.
Home is where the heart is
The main reason given for renting is affordability with 56 per cent saying they can’t afford to buy. But many families are instead putting down roots in their rented homes – nearly a quarter (22 per cent) say they are renting because the house has become their family home, and one in 10 (8 per cent) chose to rent because the house is in a good area to raise a family.
However, the research also shows that renters are more likely to move around than those with a mortgage. Homeowners had moved on average 1.8 times over the last 10 years, compared to private renters who had moved 3.0 times.
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