AC Buzz

Is owning a home in England becoming an impossible dream?

Thirty-year-old Matthew Carpenter had a dream, a dream which he may never fulfil.

“I dreamt of a two-bed house, with a small garden, somewhere to put a barbecue,” he tells me.

But Matthew has given up on buying his own home. Half of his pay goes on renting a one-bed flat in London, and he can’t save for a deposit.

His frustration is shared by millions. But in the long run could it put a dent in our love affair with buying and owning?

Most of us want to have our own place, to watch the value increase and avoid paying a landlord.

Instead we live in an age of reluctant renters, people who fantasise about buying but simply do not have the wherewithal, at current prices, to purchase what they want.

‘Nation of renters’

Hence the attention given to the government’s Help to Buy scheme.

But NOT owning could become the new normal for many, something we will get used to and even like.

Housing associations are beginning to plan for a future which requires mass provision of new rented homes, a future in which fewer are consumed by the urge to own a property…

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