Property News

Renters Think Inheritance is Only Way of Buying a House

Em Morley - September 11, 2012
Renters Think Inheritance is Only Way of Buying a House

Renters Think Inheritance is Only Way of Buying a House

 

A recent survey from YouGov has indicated a bleak mindset from a large number of private rental tenants regarding when they will be able to purchase their own property.

The findings of the report suggest around 40% of tenants think that coming into their inheritance is the most probable way of them getting onto the property ladder. On average, the deposit required by banks in order to secure a home is in excess of £50,000, making it extremely difficult or nigh on impossible for some tenants to buy a home.

Concern

Of the 2,000 people questioned, nearly half were of the opinion that they would never be able to buy their own property. With the percentage of people renting on the rise and with banks showing stubbornness towards changing lending criteria, it is likely that the make up of the housing market in Britain is altering.

In the last ten years, average wages have risen by less than one third. On the other hand, house prices have swelled to almost double. These figures make it little surprise that tenants have such a negative outlook on ever being able to have their own home. This of course is better news for landlords.

Changing dynamic

A growing number of people within the United Kingdom will seemingly have to come to terms with the fact that they will never own their own property. The changing face of the housing market means that renting is becoming more of a viable alternative than ever before.