Vast majority of tenants feel they will not be able to buy

Vast majority of tenants feel they will not be able to buy

The next government will need to do more to provide affordable homes if it wants to improve the number of homeowners in the UK property market, with the vast majority of people currently renting saying they don't see the ability to buy within their reach. 

According to the findings published this week by Property Let By Us, some two-thirds of people currently believe that the government is not doing enough to help them onto the property ladder, despite the fact 62 per cent want to be able to buy their own home. 

It found that more than 90 per cent of people in the private rented sector at the moment feel they can't afford to buy a home and will not be able to if rental prices and the cost of purchasing remain as high as they are at the moment. 

Only 7.5 per cent of all tenants across the UK said they felt that at the current time they would be able to save up for a mortgage deposit or buy their own property. This is despite the government having done a lot to improve affordability with the Help to Buy scheme, new Help to Buy ISAs and the changes made to the Stamp Duty system as of December thought to have made a difference initially. 

Jane Morris, managing director of Property Let By Us, said: "These stats show that many tenants are still unable to afford to buy a property and believe more should be done to help them," adding that in the last two years, the price of an average home has risen faster than the average wage of British people. 

So what will the new government have to do in order to help Brits meet their goal of owning their homes? The new plans to build more affordable properties, particularly in London would certainly be a starting point, but it may take more to give people that real foot up that they need.