Home ownership could be a thing of the past
The current generation of homeowners could be Britain's last, as many people believe renting will become the norm for the current crop of youngsters.
In a survey conducted by financial services provider Halifax, almost half of those aged between 20 and 45 expect Britain to be a "nation of renters" in one generation's time.
"Our research indicates just how many potential first-time buyers are not making it to the application stage because of a fear of being declined," says Halifax Mortgages commercial director Stephen Noakes.
The headline figure contrasts with the aspirations of young people, with over three-quarters (77 per cent) still hoping to own a property.
But some 95 per cent are either failing to save for a deposit or are simply not trying - often because they have no spare cash to put towards a home of their own.
Those in coastal areas could find it particularly difficult to purchase a property, as Halifax has found prices in seaside towns have more than doubled over the past ten years.
Use the Myfinances.co.uk comparison tables to find the best deal on a new mortgage
Follow Myfinances.co.uk on Twitter: @news_myfinances
- Tags:
- first time buyers ,
- news ,
- property ,
- renting
Comments
Newsletter sign up