The Traitors winner Harry Clark has said high rents make it tough too save for a deposit to buy a home.
Clark was speaking at an event run by Skipton Group, which owns the Connells estate agency empire and the Skipton Building Society.
He says: “People often assume that if you win a show like The Traitors, you’ll go straight out and buy a house – but it’s not always that simple.
“I was 22 when I won, and at the time I had other priorities. I also made the decision to step away from my full-time job and am now self-employed, exploring new opportunities while supporting my family and making the most of everything that came from the show.
“More recently, I’ve moved back in with my parents to help me save, and I’ve realised first-hand just how tough it can be to get onto the property ladder – even when you’re doing all the right things.
“Speaking to renters at the event, it was clear so many people are facing the same challenges. It’s not always about being able to afford a mortgage, it’s about overcoming that initial barrier of a deposit.”
The Skipton Group says a third of renters are saving £100 a month or less and face a 35-year slog to get on the property ladder – with the goalposts moving if house prices climb.
According to data from Connells, the current average first-time buyer deposit stands at £41,403, with properties they are buying averaging £243,883.
This means those starting from scratch face decades of saving just to reach today’s deposit levels, with the gap only likely to widen if house prices continue to rise.
The research by Skipton Building Society of 1,000 renters aspiring to buy found 73% feel ‘locked out’ of the property ladder, with 45% blaming high rents for making it difficult to save.
Some 32% are spending 40 to 60% or more of their salary on rent each month, far exceeding the 30% affordability rule of thumb.
As a result, 68% say they feel they are putting their lives on hold in order to afford a first property while continuing to pay rent.
The vast majority (94%) have been forced to make sacrifices, from holidays (49%) and socialising (45%) to delaying major life plans, like marriage or having kids (20%).
Two in five (43%) said these sacrifices have had a negative impact on their mental health.
This article is taken from Landlord Today