Renters now believe they’ll only join the property ladder in their forties – due to the cost-of-living crisis, according to research.
Giving rise to a new “Generation Rent”, a quarter of current renters believe they'll only be able to buy a house in their fifties – with 13% thinking they could even be on their way to collecting their pension before leaving their tenancy.
The study of 2,000 adults, who are currently or have previously rented, also found nearly half (48%) of renters can’t currently afford to put a deposit down.
And over a third (34%) blame the rising cost-of-living as the reason it’s become even more difficult to secure their own home.
Another one in ten (11%) find it easier to rent in the area they want to live in – but can't afford to buy there.
It also emerged two-thirds (67%) of renters have been cutting their spending due to the rising cost of living, while 52% have been eating out less.
Others have been going on fewer holidays, cycling more to destinations, or selling personal belongings they no longer need.
The study, commissioned by NatWest’s bill-splitting app, “Housemate”, also found 16% of renters find it stressful living with other people.
And 17% have experienced living with “difficult” housemates – with a quarter even having to ask their landlord to intervene.
Leaving dirty dishes lying around tops the list of irritating housemate habits, followed by not doing the cleaning, and having to be chased for their share of household bills.
As a result, the key qualities renters look for in a housemate are cleanliness (61%), respectfulness (58%), and responsibility (52%).
However, it’s not just incompatible housemates that mean renters aspire to get on the property ladder – as seven in ten want to someday have a place they can call “home”.
Of those wanting to buy, over half (54%) feel it will be financially better in the long run, and 31% would simply like more space, according to the study via OnePoll.
A spokesman for NatWest said: “Renting with housemates can be a complicated business, but splitting bills shouldn’t be part of the problem.
“With today’s renters potentially being tenants for longer than ever before, we want to help.
“ Housemate is our free app that makes it easier to stay on top of shared household expenses, and take the first steps towards owning your own home.”
TOP 20 HOUSEMATE GRIPES WHILE RENTING:
- Leaving dirty dishes by or in the kitchen sink
- Not doing their share of cleaning
- Having to chase up housemates for repaying shared bills
- Playing loud music late at night
- Hosting house parties until the early hours
- Leaving lights on
- Not taking the bins out, or stuffing rubbish in until it's over full
- Not recycling properly
- Eating food in the fridge that doesn't belong to them
- Leaving the toilet seat up
- Unfairly splitting the monthly bills
- Taking too long in the shower/hogging the bathroom
- Having a partner stay over so often that they should also pay rent/bills
- Leaving wet washing in the washing machine
- Smoking
- Leaving possessions in shared space (e.g. hallway, living room) that take up space
- Not paying towards household items that benefit everyone
- Leaving clean washing on a drying rack for weeks
- Always hogging the TV
- Never taking ownership of rent or bills
