More than 5 million people are prepared for a life of renting

 
More than 5 million people are prepared for a life of renting [Photo: Oko_SwanOmurphy via iStock]

Over the last two years, we've started to see something of a trend towards 'generation rent' the perception that many more young people are now happier renting homes than buying thanks to the fact that it's more convenient to their lifestyles and their future plans. 

This has meant that there have been record lows when it comes to home ownership levels in the UK, with fewer than two-thirds of people owning their own home as of summer 2016, down markedly from the highs of three-quarters that were experienced just two decades ago. 

And according to a new report, it seems that this trend towards fewer home owners in the UK may continue for some time, with the rental market likely to grow as fewer and fewer people believe they will ever own their own home. 

According to the survey from online comparison site comparethemarket.com, as many as 5.5 million people across the country believe that their prospects of owning a home are very low, with many citing the high price of property, and its propensity towards rising, and the fact that saving for a deposit is increasingly difficult. 

Of those who do not currently own their own property, the comparison site said that some 33 per cent do not believe they will ever take that step onto the property ladder, and another 39 per cent say there is no way they would be able to do so without having the help of family and friends when it comes to saving up for a deposit for their mortgage. 

Others seem to suggest that the main reason they will never own a property is a simple choice not to get involved with the lengthy periods that it takes to get onto the ladder. Some 39 per cent of respondents said that the time it takes to buy a home would discourage them from ever trying to do so. 

And in addition to this, it was revealed that there are people around the UK who have stranger concerns about home ownership. For example, as many as 22 per cent do not like the idea of having to deal with the responsibility of being a homeowner, while 15 per cent simply said they do not have the time they would need to dedicate to looking for and buying a home, and as a result they would rather not do so. 

"Home ownership has always been a great British aspiration but these statistics demonstrate the challenge first time buyer’s face in making that dream a reality. Whilst prices remain very high, it is clear that this isn’t the only hurdle," said Simon McCulloch, director of comparethemarket.com.

"The whole buying process is intimidating, particularly to first time buyers. Fears around hidden fees, dealing with estate agents, lawyers, surveyors and mortgage companies are real and strong enough to put off people from trying to make a purchase," he added.