Renters admit they cannot afford to buy

Wednesday, June 9th 2010

Two-thirds (66 per cent) of those currently living in rented property say they will not be able to buy a home within the next five years.

Research by Kensington reveals a growing amount of pessimism regarding home ownership in the UK, especially among those aged between 35 and 44.

This is the age group in which most have no prospect of getting on the property ladder in the next half-decade, with 74 per cent ruling it out.

Keith Street, head of Kensington, says: "With a growing population and difficult outlook for first-time buyers the strain on the private rental sector will only increase."

Approximately 13 per cent of the UK's population - about eight million people - currently lives in rented accommodation.

Young people hoping to avoid becoming one of the statistics may be best advised to follow a national trend revealed this week by Santander, which showed those under 24 save an average of £134 a week.