A third of private renters in England face a 35-year slog to get on the property ladder, according to a new report by the housing charity Shelter and the research group Generation Rent. The study found that the average renter would need 35 years to save for a deposit, but in London, the wait stretches to 44 years.
Regional disparities in saving time
The report analyzed regional variations, showing that renters in the North East could save for a deposit in 19 years, while those in the South West need 34 years. The disparity is driven by differences in rental costs and local property prices. In London, the average deposit required is £55,000, compared to £15,000 in the North East.
Impact on renters' financial security
Shelter's chief executive, Polly Neate, said: “It’s a scandal that so many renters are being locked out of homeownership for decades. The government must act to build more social homes and cap rents.” The report also highlighted that over 40% of renters have no savings at all, making the prospect of buying a home even more remote.
Call for policy changes
Generation Rent director Ben Twomey added: “Renters are being forced to choose between paying the bills and saving for a deposit. We need rent controls and a massive increase in social housing.” The report calls for a national target to build 90,000 social homes per year and for rent caps to prevent excessive increases.
