Over half of young tenants 'giving up on owning'

Over half of young tenants 'giving up on owning'

A survey of 8,000 tenants by the Halifax shows that well over half of young people have chosen not to even bother saving to buy a home. 


Halifax found that some 56 per cent of 20 to 45 year olds admitted they had no plans to become home owners in the forseeable future. 


Only 43 per cent of tenants in the private sector are currently saving for a deposit on a home while in London a dramatic 82 per cent of private tenants feel they will never, ever own. 


Those questioned blamed high house prices, the size of deposit required by mortgage lenders and their own relatively poor financial income for their plight.


"While there has been an increase in first-time buyers in the last 12 months, at the same time there is also a growing group of young people who believe they won't be able to get a mortgage. This difference between the reality and their perception needs to be addressed urgently if we are to prevent people from giving up on getting on the housing ladder" says Craig McKinlay, Halifax’s mortgages director.


In response to calls to build more affordable homes Nick Raynsford and Mark Prisk, co-chairmen of the Lloyds Banking Group Commission on Housing, say: "There is no one, single solution to addressing the supply of good-quality new homes. Instead what is required is a comprehensive range of measures which will create an achievable framework for long-term housing affordability, and a lasting commitment to a wide variety of different types of developments."