Millions accept never owning a home

An ever growing number of Brits are resigned to never owning their own property, as high prices and low affordability keep them from taking their first step on the housing ladder.

That is according to new research from MoneySupermarket.com, which finds one in four people believe they will never own their own home - even though the majority would love to do so.

In addition to this one in nine of those questioned by the price comparison website stated they would never purchase a home out of their own preference.

When totalled together these two groups account for over a quarter of Brits, all of whom assume they will never have a place to call their own.

"It is deeply concerning so many people feel they will never be able to buy a house," said Louise Cuming, head of mortgages at MoneySupermarket.

"Owning your first property used to be a rite of passage, but nowadays the challenge is to save enough to cover the deposit, stamp duty and fees not to mention the worry of affording the mortgage.

"It is no wonder owning your own home seems to be a fading dream," he added.

The research was carried out in anticipation of the Crosby review which was released today.

The review is a government initiative to restore confidence, and subsequently liquidity to the UK mortgage market, allowing would be first-time buyers to take their place on the bottom rung of the housing ladder.

"With Sir James Crosby reporting on how to stimulate the mortgage market, our research is a stark reminder of the effect of rising inflation and of the difficulties getting a mortgage," added Ms Cuming.

"For home ownership to be ruled out by so many people has dire consequences for the property market. We need to see first-time buyers returning, so we await Sir James's final report with bated breath."

Chris O'Toole