British people are losing their passion for property

According to Scottish Provident, one of the UK's leading protection providers only 51% of Brits (around 24m) believe that owning their own home is critical/very important for a reasonable standard of living.

People in the 55 to 64 age group have demonstrated the biggest changes in attitude over that time. Only 44% now see owning their own home as important or critical for a reasonable standard of living, compared with 61% in 2003.

The study, which was carried out by Ipsos MORI to assess the changing lifestyles and attitudes of British people, also showed how the recession has forced the population to rethink their attitude to saving.

Some 60% of respondents said that saving for the future was critical/very important for a reasonable standard of living, regardless of the fact that savings accounts are currently paying extremely low rates of interest.

The high cost of housing combined with a new wariness about taking on large debts means more and more people are postponing big buys like purchasing a property.

The report indicates that people are more interested in guaranteeing their financial stability than taking on large loans or mortgages.

When planning a purchase of more than £1,000, over 30 million (64% of respondents) will to save up first rather than use credit, up 6% on 2003.

Those in the 16-24 age bracket are the most credit-wary, with 65% saying they would rather save up to spend than use credit. With the cost of a mortgage significantly reining in the spending power of homeowners, just 8% of them see going out on a Friday or Saturday night as critical/very important to a reasonable standard of living.

Susan Barclay, head of marketing at Scottish Provident, said:

"These findings underline how there is far less desire to get onto the property ladder than there once was. With many thousands of people unable to afford what are still high house prices, despite the recession, they are instead seemingly looking to save their hard-earned money to safeguard their or their children's futures."