Although the housing market in a buoyant state in many parts of the country, getting on the property ladder is still challenging for many – and regarded as impossible by some. According to a report in the Independent, a recent poll of renters by SpareRoom.co.uk revealed that almost 20 per cent of respondents did not think they would ever own their own home.
For a country that holds property ownership in such high regard, such figures are noteworthy.
Matt Hutchinson, director of SpareRoom.co.uk, is cited in the article as saying, “Attitudes to renting for life will have to change as, like it or not, we are heading towards a European approach towards property, where so called ‘lifestyle tenants’ are the norm.”
But the desire to own a home is still strong in many as the article also reports that a recent survey of 2,000 18-24 year olds by Santander Mortgages revealed that a fifth of respondents would go without a holiday or would be willing to buy cheaper food in order to save up a deposit.
A third of those polled said they were relying on inheritance to fund their deposit.
But the switch from a predominantly property-owning population to one that largely rents appears to be on the horizon for the UK. As such, buy to let investors are bolstering the housing market.
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