New research has revealed that on average, Britain’s renters now believe they’ll only join the property ladder in their forties, due to the cost-of-living crisis. The new study suggests that the crisis is set to give rise to a new ‘Generation Rent’ – as 57% of Brits who are not on the housing ladder believe they are likely be over 40 when they buy their first property and a quarter of current renters (26%) anticipate only being able to buy a house in their fifties.
13% believe that they could even be on their way to collecting their pension before leaving their tenancy. The findings reveal that nearly half of renters (48%) say they can’t currently afford to put a deposit down, with 34% citing the rising cost-of-living as the reason it’s become even more difficult to secure their own home.
Other key reasons that renters are not yet on the property ladder include not having to cover maintenance costs whilst living in rented property (20%), concerns that the market might crash (20%) and being able to afford to rent, but not buy in an area they want to live in (11%).
