The lack of affordability for buyers across the country could help to promote the rental market for landlord insurance customers, after it was revealed that many people will face almost a quarter of a century of saving before they can even afford to get themselves a mortgage.
According to the latest findings released by Scottish Widows, the average time that people will spend putting money away for their deposit will amount to some 23 years, with many not even able to save anything at the moment.
The firm said that people living in rented homes are 50 per cent less likely to be able to build up a backlog of cash to use for their house move than people living in another form of accommodation.
It was also discovered that as many as 35 per cent of all rental tenants have absolutely no savings or ability to accumulate some at the moment, an issue that will mean most rent for years to come, which will prove to be a positive for landlords who will be looking for a sustained level of demand.
The reason for this lack of affordability is the fact that mortgage deposits have become far higher in recent years. While 90 to 100 per cent loans used to be commonplace, the downturn the market saw in 2008 led many lenders to require 20 to 25 per cent deposits.
This has left the current average required deposit sitting at £50,845, something that is troublesome when the average person can only save around £2,000 per year.
Iain McGowan, head of savings and investments at Scottish Widows said: "We live in a society where many strive to own their own homes but, for many people facing high rent and increasing living costs, this isn't going to be achievable. Whilst this is concerning, what is most worrying is that over a third of renters have no savings at all and are leaving themselves vulnerable in the short and long terms."