Growing number of Britons resign themselves to renting long term

30 April 2012 Categories: News

Growing number of Britons resign themselves to renting long term

A recent report commissioned by Moneysupermarket.com has revealed that a growing number of Britons have no plans to purchase a home, and that 40% have resigned themselves to the fact that they will be renting private accommodation for the foreseeable future.

The report also revealed that the average Briton is around 37 before they can comfortably afford the deposit for a property, and with job security at the lowest it has been for years it is estimated to 8 million Brits are now happier renting than buying.

Spokesman for Moneysupermarket.com, Clare Francis commented on the findings saying; “Home ownership is a really big thing here in theUK. For years it has been something millions of people aspire to and therefore it’s surprising to see that this may be changing and that some people are giving up on the hope of ever owning their own home.”

Saying that, mortgage companies aren’t making it easy for wannabe first-time buyers, with only 1300 dedicated mortgage options available, many of which require upwards of 20% deposit. This may seem like a hefty number but when compared to the 15,000 options that were available at the peak of the property market in 2007 it is a significant drop.

Bad news for first-time buyers but good news for landlords…