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Britain Becomes Nation of Renters

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Europe  Britain  Halifax  Buy to Let Investment  Stephen Noakes  Halifax Mortgages 

Britain Becomes Nation of Renters

By - Monday 06 June 2011

Buy to let investors are likely to be encouraged by new research which suggests that Britain is becoming a nation of renters, with the high cost involved with purchasing a home preventing many individuals getting on the housing ladder.

Unlike her continental neighbours, Britain has been a nation of home owners in recent decades but the sheer cost of saving for a deposit and lack of finance is changing attitudes, the report commissioned by the Halifax from the National Centre for Social Research suggests.

However, some 77 per cent of all non-home owners still aspire to owning their own home. Despite this, nearly half of 20-to-45-year olds say Britain is becoming more like Europe where renting is seen as the norm.

The perception that banks are not lending, the size of mortgage deposits necessary and a fear of the application process has prevented them from making any significant attempts to buy a home.

"Our research indicates just how many potential first-time buyers are not making it to the application stage because of a fear of being declined," said Stephen Noakes, commercial director, Halifax Mortgages.

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