The dream of home ownership is becoming increasingly out of reach for many private renters, with a third fearing that they will never be in a position to own property, new research shows.
Duette, which produces energy saving blinds, interviewed more than 2,300 renters and found that 33% of those who are currently living in rented accommodation do not believe they will ever have enough money to buy their own home.
Instead of gaining a foothold on the housing ladder, most of these people could be forced permanently live within the private rented sector.
The flexibility of renting is another key reason why tenants do not plan to step onto the property ladder.
The study found that almost two-thirds of renters - 63% - admit they are happy in their current home, although many will seek to move property at some point.
A desire to move somewhere cheaper or more affordable was found to be the top reason for not staying in one place too long, with 35% citing this as the main reason for wanting to move home, while 28% confessed it was in order to move closer to work, and 17% said it was for a better social life.
A further 10% plan to move because they can afford to spend a little extra and live somewhere nicer.
Furthermore, 28% of renters admit they only stuck around in some of their homes because they were tied in by contract and couldn’t leave any earlier.
When asked how long they typically rented a property for before moving on, the below cities in the UK were found to be the top movers who don’t like to stay in the same house for too long:
1/ London – 1 year (average time spent in their rented property before moving)
2/ Manchester – 1 year and 2 months
3/ Birmingham – 1 year and 6 months
4/ Nottingham – 1 year and 8 months
5/ Cambridge – 2 years
6/ Oxford – 2 years and 3 months
7/ Liverpool – 2 years and 5 months
8/ Newcastle – 2 years and 6 months
9/ Cardiff – 2 years and 10 months
20/ Bristol – 3 years
Ashleigh Noon, spokesperson for Duette, said: “Renters are always going to move around more often than homeowners, purely because they have the luxury to be able to do so, whether that’s to move into a nicer home or to save money on what they’re already paying.
“While it’s great to hear that so many renters hope to own their own home one day, it’s a sad reality that one in three don’t believe they will ever have enough money to be able to buy – something that many Britons feel.”
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