Taken from a poll by Rightmove that asked renters why they rent as opposed to buying a property and 75% of respondents selected that they cannot afford to buy a home. The other answers were:
I want to live close to work (10%)
I don’t know where to buy (10%)
I enjoy the renting lifestyle (3%)
I enjoy living with friends (2%)
Miles Shipside, Rightmove’s property expert mentioned: “Saving a deposit to buy your own home, alongside all the other expenses of modern life, means many people feel trapped as a renter. This survey clearly shows that whilst renting is a lifestyle choice for some, it’s the only fall-back option for many.
“Unfortunately, renters are part of an ever-evolving ecosystem that has seen some landlords exit the sector due to more onerous taxes. That only makes saving for a deposit even harder. There are some initiatives like ‘Build to Rent’ that are helping increase rental supply, but it does not help those who wish to buy. The irony is that with interest rates so low, buying can stack up well against the costs of renting if you can get over the deposit hurdle.”
You can read more about Rightmove’s findings here