43% are currently saving to buy a property compared to 57% who are not, strengthening the view that more people may be giving up on owning their own home.
Among those who are saving, the latest Report also shows potential first-time buyers now expect to have to put in more effort to save than existing homeowners did. Non-homeowners are currently prepared to save for average of 5.35 years in order to save for a deposit whereas recent home buyers saved for an average of 3.6 years.
Regional variations
The Generation Rent Report reveals high property prices are a more significant barrier to homeownership for Londoners than those living elsewhere in the UK, with 68% of Londoners citing high property prices as the most significant barrier to homeownership compared to the UK average of 56%.
London also has the lowest proportion of homeowners aged 20-45 (39%) and the highest number of people in this age range who worry they will never be able to buy a house (82%).
Unsurprisingly, the highest proportion of potential first-time buyers who are willing to compromise in order to buy their first property are also based in London (95%), followed by the East (92). Those living in Wales are the least likely to make any compromises (84%), followed by the South West (85%).
Craig McKinlay adds: “Getting on the housing ladder has always involved some form of compromise, whether this is how much people put aside to save for a deposit, the type of home they buy, or even the location they buy their home in. In 2015 saving for a deposit is the biggest barrier to homeownership for people across the UK. Continuing to make compromises on things like outside space and the size of the property will all help when trying to buy a first home.”
