Renters doubt they will ever own their own property

Just under half of those who are renters and therefore who don’t own a home doubt they ever will, Fidelity’s Modern Life Report found.

Just under half (45%) of renters don’t think they will get on the housing ladder, with two in five (40%) saying they don’t feel financially prepared to buy.

As it stands two in five (41%) of people aged 34-54 are renting.

Tom Stevenson at Fidelity International said:

“At today’s elevated house prices, getting on the property ladder requires careful planning and some hard saving. The Artful Lodger generation has the opportunity to put significant sums of money aside if they are lucky enough to live with their parents rent-free.

“For parents, too, helping children gain their independence needs careful thought. Helping out with a down-payment, acting as the Bank of Mum and Dad or perhaps matching a child’s savings to encourage personal responsibility – there are many possible solutions to setting your offspring up in their own place.”

Kindly shared by Property Wire