Some 33% of renters aged 25-44 don\u2019t think they will ever own a home, suggesting the future is likely to see more older people in rental accommodation.<\/p>\n
The Building Societies Association (BSA) Property Tracker survey also revealed that 43% of tenants said they expected to own a home by this point in their life but haven\u2019t managed to do so.<\/p>\n
Paul Broadhead, head of mortgage and housing policy at the BSA, said: \u201cWe can\u2019t remove the barriers to homeownership overnight, and there won\u2019t be a solution that enables everyone to get on the property ladder.<\/p>\n
\u201cBut there is more that can, and must, be done, including regulatory flexibility and government focus on long-term solutions, such as increasing housing supply, rather than short-term demand-side boosts.<\/p>\n
\u201cOur first-time buyer reports provide several tangible actions that could be implemented to help fix the broken housing market and in turn support today\u2019s aspiring homebuyers as well as the next\u00a0generation. Every day that passes without real action raises the number of potential lifetime renters.\u201d<\/p>\n<\/p>\n
Confidence in the housing market is low, as just 15% of people think now is a good time to buy a property, a decline from one in five (20%) at the start of this year (Jan 2025).<\/p>\n
Tanya Elmaz, director of intermediary sales at specialist lender Together, said: \u201cThe government doesn\u2019t have a magic wand and changes will take time.<\/p>\n
\u201cHowever, the introduction of the Planning and Infrastructure Bill in March, designed to streamline planning permission and speed up house building, and the \u00a339bn cash injection for social and affordable housing at the Spending Review in June, are steps in the right direction.<\/p>\n
\u201cThe industry is also picking over the outcomes following the Chancellor\u2019s Mansion House speech, which included the launch of a permanent mortgage guarantee scheme providing access to 91 to 95% LTVs.<\/p>\n
\u201cHowever, this low-deposit scheme raises questions of long-term affordability, as borrowers will be paying more over the life of their mortgage, so they must be supported by strong financial advice from brokers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Some 33% of renters aged 25-44 don\u2019t think they will ever own a home, suggesting the future is likely to see more older people in rental accommodation. The Building Societies Association (BSA) Property Tracker survey also revealed that 43% of tenants said they expected to own a home by this point in their life but […]<\/p>\n","protected":false},"author":1,"featured_media":2094,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n