23 May

Brits fear they may never own a home

Brits fear they may never own a home

Many people in the UK feel they will never own a property because they will always be unable to afford one, claims new research.

A survey conducted by HomeOwners Alliance and BLP Insurance found 253,166 people have given up on the idea of stepping on to the property ladder over the past 12 months for a variety of reasons.

For the majority, it was fears over rising house prices, saving for a deposit and the limited range of homes on offer that has led to the negativity amongst non-home owners.

Among first-time buyers, 86 per cent felt price remains the key barrier, with 85 per cent also raising concerns over the difficulties they face in saving a large enough deposit.

“These latest findings show that the housing crisis is deepening across the UK. This in turn is impacting on people’s aspirations to get on the property ladder. While we are used to stories about people not being able to buy a home until they are 40, the story has taken a turn for the worse with people increasingly giving up altogether on the dream of home ownership,” said Paula Higgins, chief executive of the HomeOwners Alliance.

She added it was key for the government to rethink the removal of schemes that support those looking to step on to the property ladder for the first time.

Recent research from Halifax revealed flat prices have increased more than other property types in the UK, with a 53 per cent rise in value over the past decade.ADNFCR-1222-ID-801836152-ADNFCR

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