Millions of tenants will never own home

Home ownership is a distant dream for nine million UK renters who say they will never be able to afford their own home.

UK adults expect to be 36 years old before they take their first steps on the property ladder, up from 35 last year.

People expect to spend eight-and-a-half years saving for a deposit, according to the latest Post Office Money Mortgages survey.

There are 20 million people currently renting a property in the UK of whom 45% expect to remain shut out of the property market for the foreseeable future,

Raising a deposit is perceived as the biggest barrier to getting a foot on the property ladder.

Almost one in three prospective home buyers claim they will never be able to afford a deposit unless their circumstances dramatically change through a better paid job or cash windfall.

Not being able to afford mortgage repayments is also a key concern for 17% of tenants.

John Willcock, head of mortgages at Post Office Money, said: “It is clear that there is still a long way to go to inspire confidence in the first time buyers’ market, with nine million feeling they won’t ever be able to buy their own property.”

“The size of a deposit is clearly the biggest hurdle that people face, with only 31% expecting to be able to raise the money alone.”

Some 31% of those looking to buy a property say they would save the full amount for the deposit themselves, while 25% expect to take advantage of the government’s ‘Help to Buy’ scheme.

Others will rely on loved ones with help from their parents or partners.