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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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

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madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

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madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

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madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

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