Over half of those in rental sector expect never to own their own home
Published by Max Salsbury for 24dash.com in Housing and also in Communities, Finance
RentImage: via Shutterstock
Around 4.5 million of those in the private and social rented sectors don't ever expect to own their own home, a study has revealed.
The analysis also found that owner occupation in England has fallen by 200,000 - from 14.6 million in 2008 to 14.4 million in 2012.
The same period saw a 23 percent increase in the number of private renters, up 3.8 million in 2012 from 2008's 3.1 million.
Mortgage provider Castle Trust findings were based on analysis of the latest ONS English Housing Survey.
Three million social renters and 1.5 million private renters don’t believe they will ever buy a home.
The research found that around 2.8 million owner occupiers in England have lived in their current home for over 30 years, suggesting they have not traded down on retirement to free up equity in their home.
Meanwhile, the median tenure for owner occupiers has risen from 11 to 13 years since 2008/09.
Sean Oldfield, Castle Trust's chief executive, said: “Many people are either unable to get on the property ladder or stuck in their current home despite interest rates still being at an all-time low. Schemes like the Government’s Funding for Lending are helping to boost borrowing options but the market still needs innovative lending products.”