Cost of living crisis stopping renters from joining the property ladder before their forties

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 think they'll be in their fifties before they buy a house.

2

2

And 13% believe 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 48% of renters can’t currently afford to put a deposit down.

While 34% blame the rising cost-of-living as the reason it’s become even more difficult to secure their own home.

Another one in 10 (11%) find it easier to rent in the area they want to live in but can't afford to buy there.

READ MORE SUN STORIES

HOUSE THAT

Thousands charged TWICE for rent after payment glitch - how to get money back

HELPING HAND

All the support those on benefits can get from rent help to energy bill grants

It also emerged 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, , 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.

Most read in Money

LAST ORDERS

Full list of TV chefs that have shut down Michelin-hailed restaurants this year

SPREAD THIN

Shoppers spot massive change to hugely popular spread this Xmas as prices soar

HOUSE ABOUT THAT!

Cheapest house on Britain’s cheapest street hits market for £50k

CLOSING TIME

High street shop launches closing down sale before shutting for good

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 10 want to someday have a place they can call ‘home’.

Of those wanting to buy, 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 spokesperson 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:

1. Leaving dirty dishes by or in the kitchen sink
2. Not doing their share of cleaning
3. Having to chase up housemates for repaying shared bills
4. Playing loud music late at night
5. Hosting house parties until the early hours
6. Leaving lights on
7. Not taking the bins out or stuffing rubbish in until it’s over full
8. Not recycling properly
9. Eating food in the fridge that doesn’t belong to them
10. Leaving the toilet seat up
11. Unfairly splitting the monthly bills
12. Taking too long in the shower / hogging the bathroom
13. Having a partner stay over so often that they should also pay rent/bills
14. Leaving wet washing in the washing machine
15. Smoking
16. Leaving possessions in shared space (e.g. hallway, living room) that take up space
17. Not paying towards household items that benefit everyone
18. Leaving clean washing out on a drying rack for weeks
19. Always hogging the TV
20. Never taking ownership of the rent or bills