21 Jul

Many tenants will never step on property ladder

Many tenants will never step on property ladder

Nearly half of UK renters will never own their own home, according to new research.

A survey conducted by construction company Keepmoat discovered 44 per cent of tenants believe they will not be able to ever become a property owner.

The main reason for being unable to purchase a home was because of being unable to afford the deposit, with just two per cent planning to step on the property ladder in the next 12 months.

At present, the average house price in England and Wales is £178,000, but there are significant regional differences with the average property in London costing £462,799.

Research on the time taken to save for deposit by Keepmoat found that it took 38 per cent of homeowners between two and five years, with some 13 per cent taking around a decade to save enough funds.

It was also discovered that there is a lack of awareness about the government’s Help to Buy scheme, with 38 per cent of potential property owners admitting they did not know about the initiative.

"It's clear that the amount of money first time buyers need to raise for a deposit continues to stop many from getting on the property ladder," said Dave Sheridan, chief executive of Keepmoat.

He added: "There is plenty of assistance available for buyers in the form of the Help to Buy scheme and help is available when saving for a deposit with the Help to Buy ISA."ADNFCR-1222-ID-801794902-ADNFCR

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