Young people giving up on home ownership

10th April 2015

The number of young people saving toward deposits has fallen, with many in their 20s and 30s resigning themselves to not getting onto the property ladder. Halifax's Generation Rent report shows that only 43% of renters are currently saving toward a property purchase, while 57% are planning to rent long-term. London has the lowest rate of young homeowners, with only 39% of 25-45 year-olds in property they own, with 82% of the capital’s renters expressing a fear that they will never own a property. Halifax data shows that those planning to buy are willing to wait an average of 5.35 years to get on the property ladder, where recent homebuyers spent an average of 3.6 years saving.

The Independent (07/04/15