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Rental market improves as first-time buyers delay plans Posted On 23 April 2024

Because of the continuous cost-of-living issue, around half of first-time buyers believe their chances of purchasing a home are worse than they have ever been

 

20% of renters believe they won't be able to purchase until at least their forties, according to research by the Nationwide Building Society. This is a big increase from the current average age of 33 for first-time buyers. More than 84% of prospective homeowners who participated in the Society's poll of over 1,000 said that their plans have been influenced by the expense of living. 10% of people are delaying their intentions to become homeowners by up to three years.

 

Almost one-third (31%) of those questioned about the largest obstacle to purchasing their first house said paying for a down payment. But that's not the only obstacle; according to 44% of respondents, affordability is a problem. Of those who are attempting to save a deposit, over 25% of would-be homeowners have been doing so for three to five years, and 10% have been saving for six years or longer. Nevertheless, due to cost issues, more than half of the respondents (52%) now had less money each month to save for a deposit, and 29% claimed that financial strains have reduced the amount of supplementary financial support—such as from parents.

 

10% of dwellings in England were privately leased in 2000. This has more than doubled by 2017. This percentage decreased little to over 19.1% as of 2022, bringing the total number of privately leased homes in the UK to just over 4.6 million. The UK population is growing faster than anticipated, according to current figures, which is more intriguing and will probably result in an increase in the number of renters looking for rental properties.

 

 

#property #landlords #rental

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