- The number of renters actively saving for a house deposit plummeted to 17 per cent in July, a significant drop from 31 per cent at the start of the year, according to Barclays Property Insights.
- This decline is largely attributed to escalating rental costs, with nearly two-thirds (62 per cent) of renters reporting or anticipating a rent increase this year.
- The financial strain is also dampening home ownership aspirations, as only 12 per cent believe they can buy a home within the next year, and 37 per cent cannot afford one in their current or desired locations.
- Around a quarter (26 per cent) of renters are struggling to afford their monthly payments, with nearly half (45 per cent) adjusting their spending habits to cover housing costs.
- Common strategies for saving include reducing discretionary spending, cutting back on holidays, or generating additional income through side hustles.
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