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.

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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