Demand for rented homes looks set to increase in the coming years as a third of those who do not yet own property believe that they never will, new research shows.
A fresh survey by comparethemarket.com, of over 2,200 adults who have never owned a home, found that 33% of people - the equivalent of more than 5.5 million British people - think that they will have no alternative but to rent for life.
The figures demonstrate the difficulty that many first-time buyers face in getting a foot on the property ladder and the impact of high house prices.
The rate of people who think they will never own property rises to 65% amongst 45-54 year olds, suggesting that a large cross section of British people have given up on the hope of home ownership.
Simon McCulloch, director, comparethemarket.com, said: “Home ownership has always been a great British aspiration but these statistics demonstrate the challenge first-time buyer’s face in making that dream a reality.
“Whilst prices remain very high, it is clear that this isn’t the only hurdle. The whole buying process is intimidating, particularly to first-time buyers.
“Fears around hidden fees, dealing with estate agents, lawyers, surveyors and mortgage companies are real and strong enough to put off people from trying to make a purchase.”
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