Tuesday, July 23, 2024
HomeEconomyLess than half of aspiring homeowners ‘expect to get onto property ladder’

Less than half of aspiring homeowners ‘expect to get onto property ladder’


Less than half (48%) of aspiring first-time buyers expect their homeownership dream to become a reality, according to a survey.

Nearly three-quarters (73%) of people who want to get onto the property ladder said their parents own their own home, the research for property advice website the HomeOwners Alliance found.

Seven in 10 (71%) people surveyed who are not homeowners said they want to get onto the property ladder, despite 52% of them believing they will never be able to achieve this.

Brits are giving up on their dream of homeownership

Paula Higgins, HomeOwners Alliance

The top barriers include high house prices (60%), saving for a deposit (44%), the ability to afford monthly mortgage repayments (33%) and the ability to get approved for a mortgage (31%), the survey found.

Paula Higgins, chief executive of the HomeOwners Alliance said: “Brits are giving up on their dream of homeownership, our damning survey reveals.”

She added: “With the upcoming election, a key issue will be how the parties plan to build more homes and provide much-needed support to first-time buyers.”

Opinium surveyed 2,000 people across the UK in January 2024.

A Department for Levelling Up, Housing and Communities spokesperson said: “Supporting young people to own their own homes is a priority, and since 2010 we have helped over 860,000 households purchase a home through Government-backed schemes and have delivered 2.5 million homes.

“Through our long-term plan for housing we remain on track to meet our manifesto commitment to build one million homes this Parliament, backed by £10 billion investment, including an additional £11.5 billion in the affordable homes programme, and just last week announced a renewed focus on brownfield land to deliver more of the homes this country needs.”



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