Saving up for a deposit the 'main concern' of those looking to get onto the property ladder
Saving enough money for a deposit is one of the primary concerns of people in the UK who are looking to get themselves onto the property ladder, a new survey has shown. It said that in many cases, young people in particular feel stressed about their ability to get themselves enough money for a deposit.
In fact, in London, so concerned are youngsters with regards to their chances of saving up enough for a mortgage, that some 75 per cent believe they will be renting for a long time to come. In total, only 25 per cent said they had confidence they would be able to buy a home in the next three years.
Overall, as many as 81 per cent of those surveyed in London said they were concerned about their ability to save up enough money to put down a deposit on a house in London. This is no surprise given the way London prices have shot up in the last decade or so, and is further evidence that the rental market in the capital is likely to be king for some time to come.
"This survey shows, when it comes to the property market in London, expectations have changed dramatically over the last decade, and there are some seriously stressed out renters," said Alice Turner, property marketing and events manager, L&Q.
"The instability of not owning a home can make it difficult for young people to really put down roots in the capital. As a result, alternative routes to home ownership, such as shared ownership, are becoming increasingly important," she added.
However, it's not everyone who's worried about their ability to buy a home. While many people do want to get onto the property ladder, London in particular has been home for some time to a growing proportion of Brits who see renting as a new way of life, embracing the freedom to move and expand their horizons that comes with it.