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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Latest Comments

Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

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Bertrand
Bertrand 17 May 2017

First step to nationalisation of the private rented sector IMHO. Nanny state poking their noses into things yet again. I object, as a decent landlord, sometimes having to deal with some pretty awful tenants,...

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Izzy
Izzy 16 May 2017

This is such a great a post. I love the detail you've gone into. It's a very useful article for helping those who are looking at deciding which sector they would like to go into! When I first started investing...

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paul burnham
paul burnham 30 Apr 2017

Jeremy Corbyn's pledge that a Labour government would build 500,000 new council houses must electrify the general election campaign. Reliance on markets and the profit motive has brought huge housing-related...

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CommercialTrust
CommercialTrust 28 Apr 2017

Sadiq Khan?s announcement of an online database of landlords and letting agents who have been convicted of housing offences, appears on face value to be a variation of the already implemented Database

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warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

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Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

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Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

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MH
MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

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bnellyb
bnellyb 08 Apr 2017

There will be an exodus of private landlords over the next 5 years as tax changes take effect, private landlords provide an important service to the rental market, why do housing associations and councils...

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Fred Cassman
Fred Cassman 07 Apr 2017

"Make it look like you are at home": often people forget this and share on facebook their location!

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jared townsend
jared townsend 05 Apr 2017

It'll be interesting to see how & if the Government's asset sale regarding mortgages helps

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