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TODAY'S OTHER NEWS

No end to rising demand for rented homes

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.” 

  • Mark Hempshell

    Worth bearing in mind I think that unaffordability to buy is not the only driver of demand for rented accommodation. Factors like the student market, contract workers, the economy, immigration etc. all add into the mix.

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