Some 70% of London renters feel the stress of getting on the property ladder has affected their mental health, research from Pocket Living has found.
This has seen Pocket Living partner with first-time buyer digital platform FirstHomeCoach to offer personalised tools to help young renters navigate the financial and legal processes of securing their first homes.
Ben Leonard, CEO of FirstHomeCoach, said: “This research reiterates to us that first-time buyers need more assistance. Our online coaching tool tackles this to provide a much faster, cheaper and smarter route to home ownership. We are excited to be partnering with Pocket Living who share our vision and values, and together we are confident we can help more Londoners into homes.”
Lucian Smithers, sales and marketing director at Pocket Living, added: “Pocket Living is determined to make home ownership a reality for young, hard-working Londoners. We know that the process of buying your first home can be complicated and stressful.
“We want to give first-time buyers as much support as possible to help navigate these challenges. Our partnership with FirstHomeCoach will provide crucial support to those aspiring to own a home of their own.”
The research among 1,000 renters aged 25-40 also shows that 28% can barely afford the rent, while 20% said renting is getting them down, and as many as 16% feel genuinely depressed because of it. A startling 80% of Londoners worry they will never manage to buy their first home, despite 47% saying they wished to do so.
Their housing situation is also impacting renters’ personal relationships and family aspirations, to the extent that 60% of respondents told researchers that their inability to buy might put them off having a family in the future. 48% say their housing situation has affected their personal relationship, 20% have even delayed getting married.
The research also showed that 81% believe that employers in London should do more to support employees trying to get on the property ladder, while a massive 91% say they would value an employer who offered advice/support for getting on the property ladder.
Earlier this year FirstHomeCoach partnered with Timpsons, to provide all 5,600 staff with the information and services they require to make their firsts towards buying a property.