YouGov Poll for Shelter reports half of all private tenants cannot save for a deposit

by Property 118

11:21 AM, 23rd October 2015
About 3 years ago

YouGov Poll for Shelter reports half of all private tenants cannot save for a deposit

Make Text Bigger
YouGov Poll for Shelter reports half of all private tenants cannot save for a deposit

yougovShelter have commissioned a YouGov poll of 3800 private tenants which has shown that 48% that would like to purchase a property are unable to save anything towards a deposit. Throughout the whole country this is the  the equivalent of 3.2 million people and a further 25% of tenants can only save £100 or less per month.

Campbell Robb, Shelter chief executive said “when the average deposit for a so-called affordable Starter Home is £40,000 and half of renters can’t save a penny towards this each month, generation rent aren’t going to become generation buy any time soon.

Behind these figures are millions of young people and families on ordinary incomes who are struggling to cope with sky high housing costs and the instability of private renting.

George Osborne needs to start paying attention to all those bearing the brunt of our housing crisis, by investing in building homes they can actually afford to rent or buy.”

Shelter is calling on the government to tackle the root causes of the housing crisis and to invest in building genuinely affordable homes.



Comments

Dr Rosalind Beck

14:19 PM, 26th October 2015
About 3 years ago

This week a 19-year old wanted to rent my two-bed property for £565 per month. Upon questioning I found out his take-home pay was £1,100pm and he had £1,700 in savings. I pointed out that this was unaffordable for him - he hadn't thought about the council tax, water, electricity and gas and food. He initially said it would be fine as he would have enough to pay the rent, pay for his mobile and his 'ciggies.' He also hadn't taken account of about £80 per month train fares to work. I told him that at his age and with his income he should be looking at renting a room with bills included somewhere for maybe £300 per month. When I was in my early 20s I wouldn't have dreamt of finding a whole house or flat to rent for myself. I lived in a shared house in London and then for a time I lived back with my Dad. That is the way you save a deposit. And you have to move away from London if you want to buy anywhere. Houses can be had in the South Wales valleys and elsewhere for under £50,000 and on a fairly average wage you could then save for a deposit and get a mortgage. We all have to make choices and compromises in life - you may end up not in your preferred job for example. That's life.


Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

Millennials stumble on the Property Ladder

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More