A third of renters believe they will never buy

3 June 2010 | By Natalie Thomas

Of those that do, most have resigned themselves to a relatively long wait. Almost two-thirds - 65% of those who responded think it will be more than five years, or at least until the next General Election, before they are in a position to step onto the property ladder.

Meanwhile, more than three quarters 77% of those surveyed believe house prices will fall by more than 5% in the next 12 months, with almost a third - 31% expect house prices to fall by more than 10% over the course of the next year.

Matt Hutchinson, director, flat and house share website Spareroom.co.uk, says: “It’s quite something when a third of renters can never see themselves being in a position to buy. And even though another fall in property prices would be good news for thousands of first-time buyers, it appears that many have still resigned themselves to a long wait before they are in a position to buy, even if prices do drop. And that means many more years of renting in the meantime.

“What’s interesting is that more and more young people are becoming comfortable with the idea of renting long-term or even for life. Those waiting for the market to get back to ’normal’ might be in for a long wait — the property landscape in the UK is changing.”
 

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