"Generation Rent"

A study, led by Pete Redfern, chief executive of the house-builders Taylor Wimpey, has said that 62% of people living in rented accommodation cannot see themselves buying a property in the next 5 years. The proportion of property owning households has fallen to a 30 year low of 62%, whilst the average age of a first time buyer has risen to 34 in London, and 30 elsewhere. Earlier this year a survey by the charity, The Equity Trust, found that 86% of renters (around six million households) do not have the minimum £8,838 needed for a 5% deposit on the average UK home. Experts say that around 250,000 new homes need to be built every year to meet demand, but in 2013/14 only 125,000 were built.  [source GTAssociates]