Renters still itch to own as price increases begin

THE VAST majority of people renting property still dream of owning a home in the future, according the a Rightmove survey released today.

The survey of over 3,000 tenants suggested that 96 per cent see home ownership as their ultimate goal, and 70 per cent are ready to continue trying to get on the property ladder even into their old age.

Though the government’s new help-to-buy scheme intends to help people with small deposits to buy their own homes, many also believe it will serve to inflate prices, while incomes are still relatively stagnant.

However, demand for housing remains substantially stronger than supply, with Nationwide drawing attention to the fact that there are still 40 per cent fewer housing completions now than in 2007, keeping prices above a level that many renters can afford.

Rightmove found that only 15 per cent of those in rented accommodation said that their deposit saving is currently going to plan, so it is likely that many will miss out on the three years of help-to-buy policies. Last week, business minister Vince Cable said he was worried about the danger of another housing bubble.