First step onto property ladder eludes UK renters

Julian Harris
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AS THE COST of rental accommodation creeps upwards, a survey released this morning reveals that over half the UK’s renters would like to buy their own home but can not afford to make the jump.

“Trapped renters” amount to 55 per cent of the rental market, the Rightmove study shows. Over a quarter (27 per cent) of these frustrated tenants are over the age of 40.

And nearly four in 10 renters (39 per cent) expect to still be renting in three years’ time. A year go, under a third (32 per cent) of renters were this downbeat.

The chances of affording a first step onto the property ladder are falling, as weak supply and high demand boost the cost of renting. Search activity for rental accommodation is up more than 50 percentage points on a year ago, according to Rightmove.