This is Generation Rent

Almost half of UK renters believe that they will never be in a position to buy their own home and that may be because so much of their income is now going towards paying rent, research shows. According to an independent survey for construction and regeneration company Keepmoat, 44 per cent of renters in the UK believe they will never own their own property with not being able to afford a deposit the most common reason for not getting on the property ladder. Dave Sheridan, Chief Executive of Keepmoat, said, “It’s clear that the amount of money first-time buyers need to raise for a deposit continues to stop many from getting on the property ladder.” High rents in relation to earnings may have a lot to do with the fact that many people now feel unable to save enough money for a deposit to buy a property. Rents in England, for instance, now stand at 47 per cent tenants’ average take-home pay, data from the latest English Housing Survey shows. In contrast, those who have secured a mortgage face repayments equal to 23 per cent, on average, of their earnings after tax. The comprehensive report also revealed that once housing…

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