More than half of London’s “generation rent” have given up on owning
Most young people feel home ownership is an impossible dream
March 22, 2013 | post last updated on May 8th, 2017
The majority of “generation rent” in the capital has no hope of ever owning their own home a study by housing charity Shelter has revealed. 55% of London’s private renters believe they will never join their parents as a generation of homeowners. Just 10 per cent of renters asked chose to be tenants because of the “freedom and flexibility” it brings. But six out of 10 said they only rent because they cannot afford to buy.
Paula Higgins, of the HomeOwners Alliance, said: “The implications for London’s economy should not be ignored or accepted as the norm. Most people realise they must save hard for the chance to own a home. But even those who make sacrifices are now excluded from entering the London market and creating a stable environment for themselves and their families.”
Shelter’s chief executive Campbell Robb said: “Renting is now a way of life for hundreds of thousands of Londoners — and many expect to be stuck in the rent trap for years.”
We are proud to be launching a first-time buyers helpline in the near future to help those aspiring to get on the ladder with all those niggling questions. In the sign up to our newsletter to find keep up with all our latest news and tips