A new study shows 77% of London renters feel being unable to own their own home is negatively impacting their life.
The research also revealed that more than a quarter - 28% - are struggling to afford their rent, while one in five - 20% - said renting is getting them down.
First-time buyer digital platform FirstHomeCoach has partnered with Pocket Living, after research by the affordable home company found that 70% of London renters feel the stress of getting on the property ladder.
The partnership has come about as 75% of respondents said a lack of available advice to renters on how to get a foot on the ladder is compounding mental stress.
The research among 1,000 renters aged 25-40 shows that 28% can barely afford the rent, while 20% said renting having a negative impact on their life, as many as 16% feel genuinely depressed because of it.
Some 80% of Londoners worry they will never manage to buy their first home, despite 47% saying they wished to do so.
Their housing situation is also impacting renters’ personal relationships and family aspirations, to the extent that 60% of respondents told researchers that their inability to buy might put them off having a family in the future.
Almost half - 48% - say their housing situation has affected their personal relationship, 20% have even delayed getting married.
Lucian Smithers, sales and marketing director at Pocket Living, said: “We know that the process of buying your first home can be complicated and stressful.
“We want to give first-time buyers as much support as possible to help navigate these challenges. Our partnership with FirstHomeCoach will provide crucial support to those aspiring to own a home of their own.”
The study also revealed that that 81% believe that employers in London should do more to support employees trying to get on the property ladder, while 91% say they would value an employer who offered advice/support for getting on the property ladder.
Ben Leonard, CEO of FirstHomeCoach said: “This research reiterates to us that first-time buyers need more assistance.
“Our online coaching tool tackles this to provide a much faster, cheaper and smarter route to home ownership. We are excited to be partnering with Pocket Living who share our vision and values, and together we are confident we can help more Londoners into homes.”
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