A report by the Halifax has revealed that the next generation may follow in the footsteps of our European neighbours who find it favourable to rent property as opposed to buy.
The Evening Standard’s article dated 17th June, shared statistics from the report:
- Eight thousand people were interviewed for the survey and 52% believed that renting would become the standard
- In 2011 the same question elicited the same response from 46% of people surveyed
- The 20-45 year old age group didn’t have faith in the Government’s efforts to help first-time buyers
- 40% were unsure that Help to Buy and NewBuy Government schemes would help either
- 30% of 20-45 year olds believed the schemes may help, but 30% believed the opposite too
- 71% of younger people surveyed thought the difficulties faced by first-time buyers would cause a divide between those who can and those who can’t afford to get on the property ladder
- Of the non-homeowners surveyed, three-fifths were concerned that retirement would be hampered by lifelong rental obligations
- One-fifth of the people surveyed had given up trying to get on the property ladder
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