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Rents at record highs and rising house prices are making it increasingly difficult for many aspiring buyers to save enough for a meaningful deposit, new research suggests. 50 a month, according to homeless charity Shelter. And matters are not likely to get better soon, as a separate survey showed 92 per cent of homeowners told property website Zoopla that they are confident their house price will increase in the coming six months. On average, they expect prices to surge by 7. 2 per cent over the period. 816 per month in September across England and Wales, the latest LSL rent index shows, and the majority of homeowners expect the value of their homes to rise.
Tenants in the UK spend on average 41 per cent of take-home pay in rent, with this rising to half their income in London, according to recent data from online letting agent Rentify. Campbell Robb, chief executive of Shelter, said the survey of about 3,000 people showed ‘generation rent’ were not going to become ‘generation buy’ any time soon, especially as house prices and rents are set to keep soaring in the coming months. He said: ‘Behind these figures are millions of young people and families on ordinary incomes who are struggling to cope with sky high housing costs and the instability of private renting. The Zoopla survey of nearly 5,000 home owners suggest confidence has increased compared with a year ago, when a lower figure of 88 per cent of people were expecting house prices in their area to rise. Perhaps unsurprisingly, those in the east of England were the most likely to expect their properties to rise in value, while those in Scotland and Wales the least confident, according to Zoopla. Lawrence Hall, a spokesman for Zoopla, said: ‘While traditionally the estate agency market tends to take a break over Christmas in terms of completions and viewings, home owner confidence shows no sign of slowing down and many individuals use the end of the year as a landmark to evaluate how much their property has appreciated over the calendar year.