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Nearly three-in-five 35 to 54-year-olds who do not own a home may have given up hope of ever getting on the property ladder, research for a building society indicates.
A fifth (21%) of 18 to 34-year-olds who are non-homeowners and 58% of those aged 35 to 54 are unsure if they will ever own a home or are not planning to buy one at all, Yorkshire Building Society found.
The mutual also asked would-be first-time buyers about the barriers preventing them from buying a home.
These latest research findings are perhaps our most stark yet, pointing to a potential loss of faith in the idea of homeownership— Ben Merritt, Yorkshire Building Society
Two-fifths (41%) said that the cost of living was the key challenge preventing them from buying their first home and 43% had delayed purchasing due to high prices.
Half (50%) said they felt so overwhelmed by the complexity of the current market they had given up on looking for a property to buy.
The society commissioned Opinium to survey 1,000 potential first-time buyers looking to purchase within the next three years, along with a separate general population survey of 2,000 people across the UK. The research took place in July.
It indicated that a key motivation for buying, among 55% of people, was not “wasting” money on rent.
While it is obviously a worrying situation for first-time buyers, we want them to feel encouraged that there are solutions out there for them— Ben Merritt, Yorkshire Building Society
Those looking to buy also highlighted wanting the freedom to live how they liked (40%), wanting to start a family (34%) and wanting security in retirement (33%).
Ben Merritt, Yorkshire Building Society’s director of mortgages, said: “These latest research findings are perhaps our most stark yet, pointing to a potential loss of faith in the idea of homeownership.”
He added: “While it is obviously a worrying situation for first-time buyers, we want them to feel encouraged that there are solutions out there for them and if more industry players can galvanise behind this issue and give borrowers hope, they can see how compelling a prospect property still is as an asset.”
