More than a quarter of renters under 40 in London are struggling to pay their rent, according to a new study.
The research by affordable home company Pocket Living found 28% of tenants aged 25-40 were finding it difficult to pay their rent in the capital, while almost half (48%) say their housing situation has affected their personal relationships.
Of the 1,000 tenants asked for the survey, 20% said renting was having a negative impact on their life with 16% saying they feel genuinely depressed because of it.
Meanwhile, 70% claimed they feel stressed at the thought of buying a property, while 75% said there is not enough advice on how to get a foot on the ladder.
Of those asked, some 80% worried they will never manage to buy their first home, despite 47% saying they wished to do so.
Such was the extent of their concern over their current and future housing situation that 60% of respondents claimed their inability to buy – or not – would determine whether to put off having a family in the future.
Almost half – 48% – say their housing situation has affected their personal relationship, with 20% saying they might delay getting married because of it.
As a result of the survey, Pocket Living have partner with first-time buyer digital platform FirstHomeCoach to launch an online coaching tool to provide a “faster, cheaper and smarter route” to home ownership.
Lucian Smithers, sales and marketing director at Pocket Living, said: “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.”
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.”