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Should you rent for life?

The increasing difficulty of getting a foot on the property ladder may make renting for life seem like a more attractive - or perhaps the only - housing option. But is it a good idea?

Times are hard for first time buyers looking to get a roof of there own as the deposits needed to get a mortgage are at a 40 year high and sparks the question will renting for life be the norm?

In fact, findings from MyVoucherCodes show that 58% of people think they will never own a property, with more than two-thirds of these claiming they would "never afford a deposit" and 77% stating they would "probably always rent privately".

On the other hand figures from Halifax show that in 2010, first-time buyers were required to find an average deposit of £28,770, while the Council of Mortgage Lenders (CML) estimates the average age of those first-time buyers who have not had financial assistance has risen from around 33 in late 2007 to 36 now.

So, with the average age of the first-time buyer creeping up and affordability a growing problem, could this be the generation who, not out of choice, but out of necessity, rents for life?



Comments

I think I am 58% that will never own my own house

I live in London and its so expensive here. I need around £50,000 cash deposit to buy a flat over a shop! Help, I think I need to move otherwise I will have to rent for life in London! : (

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