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More and more young people required to rent

Thursday, 27th June, 2013

Young people remain pessimistic about their chances of getting on the property ladder, with only a third prepared to save for a deposit for more than three years before abandoning their plans.


According to the third annual Generation Rent report from Halifax, published this week, the average deposit paid by first-time buyers in the first quarter of the year was £26,956 – but many would-be home owners say they cannot afford to save anything at all.


One fifth of non-home owners aged between 20 and 45 have already given up on the prospect of owning a property. The proportion rises to 43% among 40 to 45-year-olds.


Halifax report : “We are seeing a change in the social landscape of the UK, with a widening split between those who can and those who cannot afford to buy a home.


“Home ownership is clearly still an important goal for a lot of people, but fewer and fewer people consider it to be something they will be able to achieve.


Tenants say they never feel properly settled and fear they will struggle to retire, so the social impact of this shift is significant.


“More needs to be done to redress the balance, both through making home ownership more accessible and offering more stability through the rental sector.”


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