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More than half of all renters feel 'trapped'

 National difficulties in the housing market have left many of us feeling trapped by the current housing system and unable to see a time when we could own our own property, a study has found.

Rightmove’s Consumer Rental Forecast has found that “trapped renters” – those who would like to buy a property but can’t – make up 55% of the current rental sector. In addition, more than a quarter of those tenants are aged over 40 and in serious danger of becoming "OAP mortgagees".

"The 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,” said Martin Shipside, Rightmove Director.

"Trapped renters over the age of 40 could face the prospect of being an OAP mortgagee, or face difficulty getting a 25-year mortgage term if it takes them beyond lenders' retirement age criteria."



Unfortunately for those who feel trapped, there are no promising signs on the horizon and 53% of those surveyed expect to see their rents go up in the next 12 months, due to the shortage of supply.



In recent months, mortgage lenders have been slashing their rates due to the Bank of England's base rate stalling at a historic 0.5% low. However, with job insecurity at a generational high and the cost of housing deposits rising, those who want to buy a property face serious difficulties.

If you are looking to buy or take a lease on new premises or wanting to sell, let or refinance, why not give us a call on 01908 660966 or fill out our online contact form. Our friendly Commercial Property team are always on hand to help get you the best deal.

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