The number of 35 to 54-year-olds renting a home has risen by 15% in the least three years, according to new research by Intus Lettings.
In a survey of more than 2,000 renters, not being able to afford a deposit or not meeting mortgage criteria were cited as the main reasons for not being able to get on the property ladder.
The report suggests that the situation for renters struggling to get onto the housing ladder may be worsening, despite house prices seeing their largest November fall since 2012.
Meanwhile, the number of people aged 45-54 who said they are renting due to not being able to afford a house deposit has grown by a third since 2016, while just under a fifth of renters over 55 believe they’ll never be able to afford to buy a property.
Other reasons noted in the survey included general affordability and problems getting a mortgage due to age.
These findings are supported by a 2018 study by the Department for Work and Pensions which revealed the number of people aged 35-54 who rent has nearly doubled in the last decade.
Younger renters, by contrast, were more optimistic about the chances of owning a property in the future, with just 43% of tenants aged 18-24 saying they couldn’t afford a deposit. However, most of this age group said they were putting aside less than £50 per month towards one.
“With the cost of rent rising faster than wages, it’s no surprise that an increasing number of people find themselves unable to save up for a deposit to buy a home well into their 40s, 50s and beyond,” said Hope McKendrick, lettings manager at Intus Lettings.
She said the survey results highlighting that a large proportion of older renters don’t believe they’ll ever be able to buy a home is a ‘particularly worrying trend’, as only around one in five middle-aged tenants feel that renting actually suits their lifestyle.
The study also looked at the most important factors for people when looking for a property to rent. Affordability was named the biggest priority for all age groups surveyed, with nearly half of over-45s citing the costs of renting as their chief concern.
More than half of all age groups surveyed also said they’ve been worried about not being able to pay their rent due to financial difficulties on at least one occasion.
McKendrick added: “Stability can be one of the biggest concerns for those renting a home, from keeping up with rising rents to not knowing if you’ll be in the same home this time next year. Especially as nearly half of renters aged between 35 to 54 live with their children, the pressures can mean added stress for parents and families.”