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TODAY'S OTHER NEWS

Two in five renters fear they will never afford to own a home

A significant number of people renting in the UK say they will never be able to afford a home, according to new research by Halifax and YouGov. 

The study found that two in five renters cannot see how they will ever be in a position to buy a property, despite a desire to own a place of their own.

It was also revealed that around three in ten private renters in the UK think it is now normal for people to rent for life. However, just 14% of those aged between 18 and 24 share this view, with more than half of this group believing they will one day own their own property. 

Renters aged between 35 and 44 are less optimistic about  being able to ever acquire a property, with a third considering it normal to rent for life and 28% believing that they will never buy somewhere.

Russell Galley, managing director at Halifax, commented: “Taking that first step onto the property ladder remains a rite of passage for many,” said Russell Galley, managing director at Halifax.

“Last year, first-time buyers accounted for the majority of the mortgage market for the first time in well over 20 years. This shows that with the right support and a few sacrifices, home ownership can remain an attainable goal.

“The financial hurdle of saving enough for a deposit might feel like a daunting or at times near-impossible task, but there are a number of options out there, including government schemes and family support mortgages, to help put first-time buyers on the right track.”

Poll: Do you think any of your tenants will remain renters for life?

PLACE YOUR VOTE BELOW

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    To buy a property means hard work and giving up the expensive life style that the young of today seem to think they are '' entitled '' to, they can't have it both ways.

  • Paul Barrett

    The vast majority of the snowflake generation are simply feckless.
    The mere idea of spending £2.80 on a coffee defies belief.
    The feckless who do this clearly have no intention of saving to buy a property which is fair enough.
    But these feckless types still believe they are entitled to that expensive coffee and a property.
    I have no sympathy for feckless snowflake GR.

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    Paul

    Add to your adjectives "reckless, hopeless and poorly educated".

    In the 13 years I spent in primary, secondary and tertiary education I never encountered the word "gotten" following "has". It just goes to show that not all Russell Group Universities deserve that accolade.

    Affordability has many more sides than just purchase to income ratios. I built up a property portfolio in the teeth of 15% mortgage rates and rents remaining unchanged for around 15 years or more. However small investments in a vacuum flask for hot drinks, Tupperware for packed lunches, a cheap fourth hand car and a tent allowed me to service my loans and avoid starvation and enjoy healthy holidays. The Snowflakes could still do likewise but I doubt many will do so.

     
  • Paul Barrett

    Absolute twaddle you talk.
    The snowflake generation is feckless period.
    Bemoaning they can't live in the centre of London, pathetic.
    Move out and commute like we all had to do back in the day.
    I agree with a lot of what you state but believe me saving starts at not having expensive coffees.
    Property is eminently affordable just not in London.
    So move to affordable areas.
    It has always been expensive to live in cities which is why only the rich and feckless welfare scroungers can afford to live there.
    Commuting is what GR needs to do..A motorbike can get you to Central London in 50 mins from within the M25.
    A lot cheaper than trains.
    I did it for over 15 years..
    Saved a fortune in train fares.
    If you are determined enough you can save for a deposit on a house outside London.

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    I hear what you are saying mate, but would not taking a lower paid job out side of London not make you better off in the long run ?

     
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