Renters pay for holidays not homes
HOME ownership is out of reach for 42 per cent of tenants, who say they cannot afford to save for deposits, according to SpareRoom. co.uk
Nearly one-third of tenants spend more than half their takehome pay on rent.
Additionally, about 35 per cent of those managing to save for deposits have to dip into their cash, either regularly or to pay for holidays. Among the under30s, 60 per cent have used their savings pots this way.
Matt Hutchinson, of SpareRoom. co.uk, says: “A significant proportion of the people we polled expect to live in rented accommodation for at least five years, and many believe it will be much longer than that.”