24% of renters feel trapped

A quarter of renters (24%) feel trapped as they are unable to pursue homeownership, according Wayhome’s research, The Reluctant Renters report.

The report also revealed that 14% of UK renters were so unhappy with their living situation that it was causing or contributing to feelings of depression.

Separately, 13% said renting led them to suffer from anxiety and 12% reported feeling isolated, while 10% were so unhappy that it was causing or contributing to broader mental health issues.

This was more than twice as common in renters than homeowners, where only 5% reported an impact on their mental health.

Of those renters who said their living situation had contributed to mental health issues, 20% blamed the fixtures and fittings being in poor condition and 10% said their home was the wrong size.

More than a fifth of those renters struggling with mental health (22%) attributed this to feeling insecure in their current accommodation.

Almost half (49%) of people who owned their house outright were happy with their living situation, slightly more than those with a mortgage (40%). This number fell to just 25% of renters.

Renters were more than twice as likely to say their home was the wrong size, or that they were dissatisfied with its condition, compared to homeowners.

As well as this, 22% said they cannot save for a deposit due to their rental payments.

Women felt more trapped than men, at 26% versus 21%, and millennials felt more trapped than any other generation, at 27%.

Nigel Purves, chief executive of Wayhome, said: “There are some players in the property market who are ecstatic about the heat of the market over the last year, but they do a disservice to our industry.

“The UK is facing an affordability crisis, with people trapped in a vicious renting cycle.

“Our research has brought to light just what can happen to those who are continually priced out of homeownership, with cases of depression on the rise and people feeling isolated and anxious.

“In some instances, people are even putting major life plans on hold until they’re in a home worthy of their family. It’s not good enough. Homeownership should be accessible for everyone.

“It is clear innovation is vital, which is why we’re offering a new solution. We’re helping those disenfranchised by restrictive lending rules, those who don’t have access to the bank of mum and dad.

“We want to see more ‘reluctant renters’ become the homeowners they truly deserve to be, and we’re committed to making that happen.”

Written by: Houseladder