Millions of people looking to get on to the property ladder have to do so later in life, the latest research has found.
According to property website Rightmove, more than a quarter of private tenants hoping to buy a property are in their 40s. The number of people buying their first house later in life leaves them at risk of paying off their mortgage into their retirement years.
As the cost of living soars and savings become increasingly harder to accrue, many are forced to rent for much longer than intended.
Many feel trapped in a cycle of renting as they face pressure from their job security, high inflation and the demand for large deposits from banks.
The number of households renting privately has increased by more than a million in the last 10 years, from 2.1 million in 2001 to 3.4 million 2010.
Many simply cannot afford to make the transition into the housing market.
ìOver half of those in rented accommodation would like to buy but canít make the sums add up and, as a result, are trapped,î said Miles Shipside, Commercial Director for Rightmove.
ìThe global economic woes that have left first-time buyer numbers at record lows will shatter the goals and aspirations of many as they face the reality of renting for far longer than they originally planned.
ìThe rental journey is the only real option for many, and the majority seem resigned to having to pay more.î
Those who do manage to put down a deposit still face the 25 year average repayment period, which could result in mortgage payments being made well into their 70s.
Recent figures from the Council of Mortgage Lenders show that mortgage lending decreased by 2% in September. However, this is still a 4% improvement on the same period in 2010.
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