30 Oct

High prices 'condemning young to perpetual renting'

High prices 'condemning young to perpetual renting'

The overwhelming majority of people living in rented accommodation fear they may never be able to afford to buy a property, new figures have revealed.

According to a study from the Homes Marketing Board (NHMB), up to 80 per cent of tenants fear that rising house prices will condemn them to a life of renting.

This figure rises to 90 per cent among the under-35 demographic - those most likely to be first time buyers.

However, proving that the characteristically British urge to own a property remains strong, just eight per cent said they would be happy to go on renting a home in place of buying one.

David Pretty, NHMB chairman, said: "Our polls already show that most people understand the difficulties faced by first time buyers are turning them into an endangered species and actually amounts to a serious social problem.

"Now we see that the alternative - a lifetime condemned to renting - fills most people with dread."

However, as housing supply becomes more stretched in future, even renting will be less and less affordable, Mr Pretty predicts.

He said: "The supply and variety of homes for rent, like homes for sale, is ultimately controlled by land availability and the planning system, and an ongoing serious shortage of supply will simply drive up rents as it has driven up prices."

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