Priced out of property, we are homing in on a new age of renting

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Resolution examined the financial pressures on Britain's 11 million low-to-middle income earners.

When all factors are taken into account — stagnating pay, rising costs, reduced tax credits, tighter credit — they found that nationally someone in this large bracket would have to save for 45 years to buy his or her first home.

In London, it's an even longer 80 years. That's based on someone saving 5% of his or her income — 10% would be half that, 40 years, but it's something that few can afford to do.

This swathe of the population does not include graduates who may leave university with debts of up to £40,000 in the years to come if the Government's proposed hikes in tuition fees go through.

Many of them, if they are burdened by the added cost of obtaining their degrees, are going to struggle to get on to the bottom rung of the housing ladder as well.

While the lack of demand may push down house prices, they will have to fall some distance before they reach the sort of levels that are affordable. Resolution calculates that average house prices for first-time buyers are currently 7.6 times the average net income for low-to-middle income earners.

We're heading towards a boom in buy-to-let and student rental accommodation. Out will go the time-honoured aim of owning your home. In the years ahead, renting is going to be the norm.