Majority of renters have accepted they’ll never buy

Many tenants seem resigned to being stuck in the rental sector for the long term, a Go.Compare Home Insurance survey shows.

Six in 10 reckon they’ll never get on the property ladder, while surprisingly more than half (52%) think owning is no longer important.

Such data suggests that there will be a rise of older tenants in future.

Nathan Blackler, home insurance expert at Go.Compare, said: “It’s disheartening to find that the majority of renters and residents who don’t yet own a home don’t believe they ever will due to the current economic climate and the shape of the housing market.

“Despite this, it’s still a goal that most want to achieve, which is why more needs to be done about the issue.

“Our research has shown that it’s simply unattainable for the average worker to be able to afford, and many non-homeowners believe that the government needs to step in to help first-time buyers get on the property ladder.

“Whether that is achieved through subsidised house prices, stamp duty relief, or improved government schemes such as Help to Buy ISAs, shared ownership or 99% mortgages.”

The average salary needed for a single person to buy a house in the UK is £59,307, according to the insurance comparison site’s salary checker tool.

However, analysis of ONS data on average salaries across the nation found that no industry listed provides an average wage high enough.

Via @PropertyWire