Two thirds of private renters in England – the equivalent of five million people – are unable to save a penny towards a deposit for a home of their own, leaving them stuck in the ‘rent trap’.
Figures from Shelter also highlight how this problem has worsened, with the proportion of renters in England who are not saving anything towards a deposit jumping by 13% in just the last two years.
Of those planning to buy their own home, more than a third (35%) think it will take them over a decade to save enough for a deposit.
Government figures show that ‘generation rent’ spends an average of 40% of their income on rent each month, and Shelter is warning that sky-high rents and swelling house prices are leaving millions priced out and unable to put anything aside for a home of their own.
Campbell Robb, chief executive of Shelter said: "The prospect of a stable home is becoming a distant dream for far too many young people and families. Instead they’re facing a lifetime of moving from one unstable and expensive rental property to the next.
"Politicians must meet people half-way by taking real action to build the affordable homes this country desperately needs, and give ‘generation rent’ the chance to put down roots in a place they can call home. If they don’t, things are only going to get worse for future generations."