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Two in five renters believe they will never be able to buy own home

Two in five renters in the UK believe they will never be able to afford to buy their own home, new research has revealed.

A study by Halifax and YouGov found that around three in ten private renters in the UK think it is now normal for people to rent for life. The figure falls to 14% among those aged between 18 and 24, with more than half of this group believing they will one day own their own home.

Renters aged between 35 and 44 are less optimistic. A third consider it normal to rent for life and 28% believe they will never buy somewhere.

Over the last decade, the number of first-time buyers in the UK has risen. In the first half of 2009 there were 72,180 first-time buyers, compared to 170,060 in the first half of 2019.

During this same ten-year period, the average age of first-time buyers in the UK rose from 30 to 31.

“Taking that first step onto the property ladder remains a rite of passage for many,” said Russell Galley, managing director at Halifax.

“Last year, first-time buyers accounted for the majority of the mortgage market for the first time in well over 20 years. This shows that with the right support and a few sacrifices, home ownership can remain an attainable goal.

“The financial hurdle of saving enough for a deposit might feel like a daunting or at times near-impossible task, but there are a number of options out there, including government schemes and family support mortgages, to help put first-time buyers on the right track.”