A third of Millennials say they’ll never own a home
New figures show why the rental market is seeing such strong demand.
The data shows that some 28 per cent of Britons under the age of 35 have no money set aside for a deposit on a house.
Of the remaining 72 per cent, the average amount saved was found to be £6,120 – that’s under a fifth of the average deposit for a house in the UK.
And 30 per cent of Britons aged 18 to 35 years old says they have given up on the idea of owning their own home completely.
The study was undertaken by interiors firm Thomas Sanderson in which 2,342 UK residents between the ages of 18 and 35 were polled.
All respondents were initially asked what their current housing situation was, to which 52 per cent said that they rented, 21 per cent owned their own house and 20 per cent revealed that they lived with their parents.
Respondents were then asked what the main features would be that would make up their dream home, with the top features found to be ‘location’ (31 per cent), ‘size’ (24 per cent) and ‘comes with a garden’ (16 per cent).
All respondents were asked at what age they were hoping to own their dream house by, whether they currently owned a home or not, to which 49 per cent responded with ‘never’.
Of the remaining 51 per cent, the average age at which they hoped to own their dream home by was found to be 47 years old.
When asked why they thought that they would never own their dream home, the most common answers given were ‘I won’t be able to afford it’ (57 per cent) and ‘my sights are set too high’ (24 per cent).
Relevant respondents were also asked if they thought that they would ever own their own property, whether it was their dream home or not, to which 30 per cent admitted that ‘no’ they thought this would never happen.
When asked whether they had any money saved up to buy a house, almost three quarters of respondents (72 per cent) stated that ‘yes’ they did, whilst 28 per cent admitted that ‘no’ they did not. When asked how much they had saved, the average amount was found to be £6,120.
Of the relevant respondents that either privately rented or owned their own home, it was found that 54 per cent have had to borrow money off relatives to help with deposits, mortgage or rent costs. The average borrowed amount was revealed to be £1,490.