‘Forever renters’ give up trying to buy

A LARGE proportion of people fear they will never realise their dream of owning a home.

These ‘forever renters’ are being impeded by an inability to afford a mortgage and say they cannot save for a deposit.

These people are predominantly young, according to an Aviva Family Finance report.

They are being hit by surging rental costs, and property prices are rising at a rapid rate.

One in four of those who aspire to own their home believe they will never be able to buy, and 40pc do not expect to be able to buy for another 10 years, the research commissioned by Aviva found.

The survey was carried out by Red C among a nationally representative sample of 1,292 people.

Prefer

Nine out of 10 respondents said they would prefer to own a property rather than renting.

Not being able to afford to save for a deposit was cited as the main reason home owner- ship is unattainable for some 68pc of the renters who would like to own a home.

Many of those also said they would not be able to afford to service a mortgage either, with 64pc of renters saying meeting the monthly homeloan repayments would be a problem.

People between the ages of 35 and 44 reported that they are the most financially stressed.

Four out of 10 of this age group say they are struggling to make ends meet, a rise of 11pc since May last year.