Half of renters 'will never buy home'

Half of all people who currently rent property in the UK have no intention of ever buying their own home, one new study has revealed.

Runaway house price inflation coupled with the expansion of the letting market has apparently swayed many Brits in favour of renting property rather than tying up all their wealth in bricks and mortar.

The survey by CreditExpert.co.uk also found that nine out of ten homeowners say they have no plans to move house, reflecting the stagnant nature of the current property market.

Darryl Bowman, director of the financial website, said that wider economic uncertainty is contributing to changing attitudes about the viability of buying property among a broad spectrum of the general public.

He commented: "With consumer confidence in borrowing dropping two points in the last quarter amid concerns of an economic downturn, it's understandable people are feeling home ownership is out of their grasp."

The average value of a home in London is now £402,000, according to property website Rightmove.

News posted on 27th February, 2008