According to a recent survey some 33% of people who are now renting properties believe that they will never be able to afford to buy their own homes. The research goes on to indicate that of the renters that are upbeat enough to feel that they will one day own their own place, some 65% are of the belief that they will not be in a position to buy for the first time in the next five years.

The survey also indicates that 77% of respondents anticipate that property prices will fall by at least 5% during the course of the next year, and 31% believe that house prices will drop by over 10% during this time.  Also, although 89% of those sharing flats currently indicated that they are doing so only due to the fact that they are unable to purchase their own homes, 52% of all renters stated that they would be content to rent for the rest of their lives if there were no pressure to purchase. The results show that those not sharing accommodation living alone or with a partner are more content with their lot than those sharing accommodation.

According to many reports the majority of young people today are becoming more and more comfortable with renting long-term, keeping watchful eyes on the market for a positive change that would allow them to become more able to secure a purchase in the near future. With the changing market and current instabilities, however, this is being seen as very much a long-term goal that, should the trend continue, may even result in long-term leases rather than purchases from many people that are unable to enter into the market for any number of reasons – even with lasting incentives for first-time buyers.