Half of Brits have given up on homeownership

Half of Brits have given up on homeownership

A new report has revealed that almost half of Britons who haven't bought their own home by their mid-thirties are facing 'early life crisis' and have effectively given up on homeownership.

With first-time buyers increasingly squeezed out of the housing market, the new research found that 49% of non-home owners aged 35 to 40 who aspire to home ownership - equivalent to over 800,000 people in this age range across the UK - think that it is ‘unlikely’ or ‘very unlikely’ that they will ever own a property.

The survey, conducted by NatCen Social Research, found that more than two-thirds (69%) of young adults aged 18 to 40 felt that owning their own home was crucial to feeling that they had succeeded in life, as well as a source of social and financial security.

However, the importance that young adults placed on home-ownership was not matched by equal levels of optimism about their ability to achieve this milestone, particularly among older respondents. The research thus suggests that an inability to buy a home is leaving many young Britons facing an ‘early life crisis.’

Andy Caton, Executive Director of Yorkshire Building Society, said: "It is very sad to see how the hope of owning a home is fading for so many, especially as people approach their mid-thirties. For most people, owning a home is not just about security, it is also evidently integral to their feelings of self-worth, success and self-esteem.

Hundreds of thousands of adults across the UK feel unable to reach this important milestone in their lives, with many reaching the conclusion that they will never be able to buy their own home like their parents and grandparents did.”

The survey was commissioned by Yorkshire Building Society, which offers the largest number of fixed rate 90% and 95% LTV (loan to value) mortgages for first-time buyers of any UK-wide building society or bank, to highlight the challenges faced by would-be first-time buyers in today's property market

But despite the increasing number of obstacles, home ownership is still seen by most Brits as one of life's biggest aspirations, the survey found.

Two in three (69%) young Britons said they believed owning their own home was essential to feeling they had succeeded in life.

But almost half (45%) didn't think they were earning enough money to be able to buy their own place, while a similar proportion (46%) worried they wouldn't be able to afford mortgage repayments, and two out of five (38%) complained they weren't managing to raise the required deposit. One in ten people claimed that lack of job security was preventing them from pursuing their dream of owning their own home.

Join our mailing list:

Leave a comment

Latest Comments

Northerner 20 Oct 2016

Any views from outside the M25? No wonder politicians can't get the housing big picture when everyone seems to think that London is the yard stick, when it absolutely is not.

view article
Sean Lees
Sean Lees 13 Oct 2016

I think that the pest control really depends on the situation. If the tenant moved in and found an infestation that needs pest treatment service, I think it's more reasonable that the landlord should pay...

view article
Kevin 13 Oct 2016

Please Sian Berry Dan Wilson Craw LANDLORDS DO NOT WANT TO RAISE RENTS They are being forced to because of Section 24! An unfair, punitive tax hike that will be a disaster Green Party, Generstion...

view article
Fletcher88 11 Oct 2016

Absolutely agree! Moreover property prices edged up with 0.7% this month as the market recovered from the initial Brexit hit

view article
Gary Das
Gary Das 06 Oct 2016

A lot of lenders (especially the high-street banks and lenders people approach first) could do more to accommodate for the self-employed. It can really be a struggle, as I found out myself last year when...

view article
richardrawlings 04 Oct 2016

Not sure I understand this! If Basildon and Hemel rose 68% and 52% respectively, why do they not appear in the top ten list, which appears only to feature those in the minus 20's!! Is it me?

view article
luxus 27 Sep 2016

It can be stressful. More clarity is needed on the process, from a customer perspective and consideration should be given to using the Scandinavian model where the sales process is much quicker.

view article
Melissa_Green 26 Sep 2016

Green belts are normally designated around capitals and other major cities and conurbations and their aim is to prevent urban sprawl by keeping land permanently open. The essential characteristics of green...

view article
Jimmy_McCoy 16 Sep 2016

I think that the main reason to buy garden purchases in last minute is because people always search for the best deal. In summer months there are abundance of seasonal goods and it means more low cost

view article
Jimmy_McCoy 16 Sep 2016

Buying a home often is more expensive than you expect. There are lots of hidden costs such as: stamp duty, surveys and valuations, mortgages etc. that can add more than 10% to the total bill

view article
Homebuyerconveyancing 15 Sep 2016

We are seeing a massive influx of Homebuyers using online Estate Agents. The winners are the online portals that still aim to manage the customer journey to homeownership. They provide a valuation service,...

view article
oliviaG 12 Sep 2016

Without a doubt renovating can truly be very beneficial to many homeowners but it depends to a great extent on the condition of your home and the parts of it you want to refresh. Before you start you should...

view article

Related stories

More articles from Property

Buy-to-Let Roadshow 2016

21st-24th November

4 days
7 specialists
4 locations
Free to attend

Click here to register now