33% Of renters say buying is an impossible dream

7 June 2010

A survey of 1,326 renters by flat and houseshare website Spareroom. co.uk shows a third - 33% - of those renting don’t believe they will ever be able to afford to buy property.

And of those who do, most have resigned themselves to a relatively long wait. Almost two-thirds of those who responded think they will have to wait for 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 threequarters - 77% - of those surveyed believe house prices will fall by over 5% in the next 12 months, with almost a third expecting values to fall by more than 10% in the course of the next year.

Matt Hutchinson, director of Spareroom.co.uk, says: “It’s quite something when a third of renters can never see themselves being in a position to buy.

“Although another fall in property prices should be good news for first-time buyers it appears that many have resigned themselves to a long wait before they can make their move. This means many more years of renting for them.”

He adds: “What’s interesting is that an increasing number of young people are becoming comfortable with the idea of renting for the long term or even for life. Those hanging on for the market to get back to normal might be in for a long wait as the property landscape seems to be changing.”

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