Hundreds of thousands of Brits doubt they’ll ever be able to afford their own home

Hundreds of thousands of Brits doubt they’ll ever be able to afford their own home

More than 250,000 non-home owners in the UK seem to have given up hope on ever owning their house, with prices being named as the main concern, a new research shows.

This marks the first drop in five years of the number of non-home owners in the UK who are also not aspiring to own their place.

One third of first-time buyers are now spending 5 years to save for their home

The 2017 annual survey from the HomeOwners Alliance and BLP Insurance revealed that the number of people aspiring to own a home saw a constant increase between 2013 and 2016, peaking at 73% last year. Now they’ve gone back down to 71%.

In number, this drop translates into 253,166 people who have given up on home ownership over the last twelve months.

As the main reasons for the decrease, the survey names house prices, saving for a deposit and the availability of homes to buy. Among home buying hopefuls, 86% say house prices are the biggest challenge they are facing, 85% say saving for a deposit is a serious issue and 80% worry about the supply of homes.

The research furthermore reveals that those concerns are rising across almost all regions of the country, with Londoners being the most concerned.

Where to buy in London: First time buyers

About 87% of respondents in London have concerns regarding the house prices and 81% worrying about supply.

Paula Higgins, chief executive of the HomeOwners Alliance, explained:

“These latest findings show that the housing crisis is deepening across the UK. This in turn is impacting on people’s aspirations to get on the property ladder. While we are used to stories about people not being able to buy a home until they are 40, the story has taken a turn for the worse with people increasingly giving up altogether on the dream of home ownership.”

“People are feeling less optimistic about their chances of buying their first property. With the election approaching, it is vital that housing is placed at the forefront of the policy agenda and that whatever party is elected, it takes serious steps to address the growing concerns of aspiring home owners.”

Self-certified Sophisticated Investor

Please read

I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:

I am a self-certified sophisticated investor because at least one of the following applies:

I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.

High Net Worth Investor

Please read

I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments. The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:

STAY AHEAD OF THE MARKET

Sign up for first access to new developments and exclusive property investment opportunities.

We send limited and targeted emails on new launches and exclusive deals which best fit your areas. We are trusted by over 30,000 active buyers as their source for new stock.

  • New property developments
  • Professional market reports
  • Property deal alerts
  • Development updates
Manchester property investment

FIRST FOR NEWS AND KNOWLEDGE.

Receive trending news straight to your inbox and stay up to date on all of the property market trends and advice.

Established since 2005 we are a leading voice of authority and commentary on the UK property market. Our news is trusted by Apple News & Google News.

  • UK housing market
  • Mortgage & money
  • Buy-to-let landlords
  • Guides & advice

Talk to us

Speak to our UK property experts today:

 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

 

+852 6699 9008

Open from 9am-6pm HKT