A third of renters are facing a 35-year slog to get on the property ladder
- Skipton Building Society marked the third anniversary of its Track Record mortgage on Thursday by releasing survey data showing 73% of aspiring buyers feel 'locked out' of the property ladder.
- Financial strain prevents homeownership as 32% of renters spend 40–60% of their salary on rent, while Connells data places the average first-time buyer deposit at £41,403 for properties averaging £243,883.
- Nearly all renters have sacrificed holidays or socialising to save, while 43% report these pressures negatively impact mental health and 68% feel their lives are on hold.
- Since its launch three years ago, the Track Record mortgage has helped over 1,000 renters purchase homes without a deposit, with many now paying less monthly than they previously paid in rent.
- The Traitors winner Harry Clark, who is also saving for his first home, noted: "People often assume that if you win a show like The Traitors, you'll go straight out and buy a house." This highlights the disconnect between perceived wealth and real barriers.
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Many renters face 35-year slog to get on the ladder, says Skipton
A third of renters are saving £100 a month or less and face a 35-year slog to get on the property ladder, with the goalposts moving if house prices climb, according to research from Skipton. Connells, part of the Skipton Group, found that the current… The post Many renters face 35-year slog to get on the ladder, says Skipton appeared first on Mortgage Finance Gazette.
A third of renters will wait 35 years to save a house deposit, Skipton BS finds
One in three renters are saving just £100 a month or less towards a deposit for a home, meaning they could be waiting 35 years before they have enough saved to purchase, research from a mutual suggested. The post A third of renters will wait 35 years to save a house deposit, Skipton BS finds appeared first on Mortgage Solutions.
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