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'Generation Rent' Believe They'll Never Own A Home

The recession has left many non-homeowners disillusioned by the prospect of buying their first house.
Finance, Home - 31 May 2011   Download IconContent available for download:  
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New research reveals that two-thirds of British non-homeowners believe they have no prospect of buying a home, either in the short – or long-term. ‘Generation Rent’ have no realistic plan to buy in the next five years while only one in twenty (5%) are making sacrifices to save for a deposit. Nine out of ten (95%) say they have no spare cash, or no interest in saving.

More than half (55%) of all 20-45 year olds do not own their own home. This includes more than three-quarters (85%) of 20-24 year olds and over two thirds (70%) of 25-29 year olds. Nearly half (44%) of 20-45 year olds say that Britain is becoming more like Europe when renting is the norm – and predict Britain will become a nation of renters within the next generation.

Home ownership still matters, with more than three-quarters of all non-homeowners nonetheless aspiring to buy a home one day. The report revealed widespread pessimism about the lending and mortgage application process – with nearly all (92%) of those surveyed believing it to be hard for first-time buyers to get a mortgage, with more than half (60%) seeing it as very hard of virtually impossible.

. Introduction:

A new survey by the National Centre for Social Research and Halifax has revealed that the credit crunch has created ‘Generation Rent’, as the current generation of potential first-time buyers face an uphill struggle to get on the property ladder. More than two-thirds of non-homeowners believe they have simply no prospect of buying a home, now or in the future.

So, are we really set to become a nation of renters – and what impact could this have on our economy?

Joining us to discuss this further is Stephen Noakes, a mortgage expert from Halifax with a focus on the interests of first-time buyers.

. Suggested Questions:

A new survey by the National Centre for Social Research and Halifax has revealed that the credit crunch has created ‘Generation Rent’, as the current generation of potential first-time buyers face an uphill struggle to get on the property ladder. More than two-thirds of non-homeowners believe they have simply no prospect of buying a home, now or in the future.

So, are we really set to become a nation of renters – and what impact could this have on our economy?

Joining us to discuss this further is Stephen Noakes, a mortgage expert from Halifax with a focus on the interests of first-time buyers.