5.5m Brits have no hope of owning a home
Over 5.5 million British people think that they will never be able to own a home, according to research by comparethemarket.com.
The comparison site said that its figures demonstrate the difficulty first-time buyers face in getting on the housing ladder and the alarming impact of high house prices.
It found that 33% of those who don’t yet own a home believe that they never will, and this figure rises to nearly two thirds (65%) amongst 45 – 54 year olds.
Of those who expect to be able to afford a place of their own at some point in the future, over a third (36%) think that they will have to partially rely on their family for financial support to purchase a house, whilst 3% said that they will rely entirely on their family.
In addition, 44% cited concerns over hidden and additional costs as a point that could put off or delay them from buying a house, 22% expressed concerns over the responsibility of owning a house and a fifth were put off by having to deal with estate agents.
Simon McCulloch, director of comparethemarket.com, said: “Home ownership has always been a great British aspiration but these statistics demonstrate the challenge first time buyer’s face in making that dream a reality. Whilst prices remain very high, it is clear that this isn’t the only hurdle. The whole buying process is intimidating, particularly to first time buyers. Fears around hidden fees, dealing with estate agents, lawyers, surveyors and mortgage companies are real and strong enough to put off people from trying to make a purchase.”