29 Jul

Britons fret about homeownership

Britons fret about homeownership

A significant number of Britons believe homeownership will always be out of their reach, according to a new survey by Moneysupermarket.com.

In news that is likely to please buy-to-let investors, a quarter of respondents in the poll admitted that they do not think they will ever own their own home, although they would all like to.

A further 11 per cent said they would never purchase a property out of choice.

Louise Cuming, head of mortgages at the website, described the results as "deeply concerning".

She noted that rising inflation and tighter mortgage lending conditions have made a dent in consumer confidence.

"Owning your first property used to be a rite of passage, but nowadays the challenge is to save enough to cover the deposit, stamp duty and fees not to mention the worry of affording the mortgage," Ms Cuming stated.

In a bid to improve the situation for first-time buyers the government has announced a Rent to Home Buy scheme, which includes a number of measures to open up the housing market to those stepping onto the property ladder for the first time.
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