Eight in 10 tenants feel ‘trapped’ in the rental cycle – as ONS figures show house prices for first time buyers have risen by an average of 18 per cent in the last two years, an increase of £39,680.
A study of 2,000 adults who live in a rental property found 86 per cent dream about one day stepping onto the property ladder.
But the cost-of-living crisis is the most common setback for renters as they now save less for a deposit, while 41 per cent say house prices in their area are rising too quickly for them to keep up.
More than one in three (35 per cent) are struggling to save as their rent has increased – with these now having to find an extra £1,000 per year for their landlord.
And 42 per cent even believe their mortgage repayments would be more affordable than their current rental payments.
In fact, 43 per cent believe it is practically impossible to buy without combining salaries and savings with a partner.
The research was commissioned by Skipton Building Society to mark the launch of a first of its kind mortgage, the Track Record, which helps tenants to purchase their first property without the need of a deposit.
Charlotte Harrison, CEO of home financing at Skipton, said: “In over 20 years the number of people privately renting has more than doubled, and many of these tenants’ hopes of one day owning their own home continues to fall.
“We need to tackle the UK’s housing affordability crisis to enable more people, especially renters who are trapped in renting cycles, to have access to buying a home.
“Renting cycles have been a societal issue for many years now – but with escalating rents and the cost-of-living squeeze further impacting people’s ability to save for a house deposit – it is making