A new survey reveals that 73% of renters aspiring to buy a home feel 'locked out' of the property ladder, with nearly half (45%) attributing the difficulty to high rents that hinder saving. The research, commissioned by Skipton Building Society to mark the third anniversary of its Track Record mortgage, surveyed 1,000 renters and highlights the immense financial pressures facing would-be homeowners.
Savings and Deposit Challenges
According to the data, one in three renters save £100 a month or less, meaning it could take 35 years to accumulate a deposit if house prices remain static. However, with property values rising, the target keeps moving. Connells, part of the Skipton Group, reports that the average first-time buyer deposit is now £41,403, while the typical property purchase price stands at £243,883. Those starting from scratch face decades of saving just to reach today's deposit levels.
Rent Burdens and Sacrifices
Three in ten renters (32%) spend 40% to 60% or more of their salary on rent each month, far exceeding the recommended 30% affordability threshold. As a result, 68% say they are putting their lives on hold to afford a first home while continuing to pay rent. The vast majority (94%) have made sacrifices, including cutting back on holidays (49%), socialising (45%), and delaying major life plans such as marriage or having children (20%). Two in five (43%) report that these sacrifices have negatively impacted their mental health.
Pop-Up Event and Celebrity Support
To highlight the issue, Skipton Building Society hosted a 'Locked Out' pop-up event in Manchester, featuring a locked door symbolising renters being shut out of homeownership. Attendees could try keys to open the door for a chance to win a £3,000 prize. The event was hosted by Harry Clark, winner of The Traitors, who has moved back in with his parents to save for his first property despite his television success.
Clark commented: '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. 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.'
Renters' Perspectives and Solutions
The survey found that 82% of renters believe that if they can afford their rent, they should be able to prove they can afford a mortgage. However, 35% say they feel stressed about money all the time, and the same proportion find the process long and exhausting. Despite the pressures, 32% believe it will be worth it in the end. When asked what would help most, 34% cited lower deposit requirements, 31% want more genuinely affordable homes built, 25% would like lenders to better recognise rental payment history, and 24% called for more flexible mortgage options.
Industry Response
Jen Lloyd, head of mortgage products and proposition at Skipton Building Society, said: 'Getting onto the property ladder is becoming increasingly challenging for renters, as they try to balance the cost of living with saving for a deposit. The figures in our latest research are a stark reminder of the pressures many are facing. We believe it's only fair that people who have demonstrated they can afford regular rental payments have a real opportunity to become homeowners.'
Lloyd added that the Track Record mortgage, launched three years ago, has helped more than a thousand renters buy a home with zero deposit, and over half now pay less on their mortgage each month than they did in rent.
