Taylor Scott International News
Almost half of people in the UK who have not bought their own home by the time they are in their mid-30s doubt that they will ever be able to do so. First time buyers are increasingly being squeezed out of the housing market despite a strong desire to own a new home which is regarded as a sign of social and financial security. New research commissioned by Yorkshire Building Society has found that 49% of non-home owners aged 35 to 40 who aspire to home ownership think that it is ‘unlikely’ or ‘very unlikely’ that they will ever own a property. The survey, conducted by NatCen Social Research, found that 69% of young adults aged 18 to 40 felt that owning their own home was crucial to feeling that they had succeeded in life, as well as a source of social and financial security. However, the importance that young adults placed on home ownership was not matched by equal levels of optimism about their ability to achieve this milestone, particularly among older respondents. The research thus suggests that an inability to buy a home is leaving many young Britons facing an ‘early life crisis.’ ‘It is very sad to see how the hope of owning a home is fading for so many, especially as people approach their mid-thirties. For most people, owning a home is not just about security, it is also evidently integral to their feelings of self-worth, success and self-esteem,’ said Andy Caton, executive director of Yorkshire Building Society. ‘Hundreds of thousands of adults across the UK feel unable to reach this important milestone in their lives, with many reaching the conclusion that they will never be able to buy their own home like their parents and grandparents did,’ he added. The survey found that while 69% want to own a home some 45% didn't think they were earning enough money to be able to buy their own place, while 46% worried they wouldn't be able to afford mortgage repayments and 38% can’t afford required deposit. One in 10 people claimed that lack of job security was preventing them from pursuing their dream of owning their own home. Some 31% of non-home owners aged 35 to 40 have given up on ever buying, saying that they don’t think they will ever be able to afford to buy. This is equivalent to around half a million people across the UK expecting never to be able to afford to own their own home, unless there is a dramatic downward shift in house prices. Latest UK house price figures show that property values have risen to a record high, with the typical first time buyer paying 7.1% more than they would have a year earlier. Indeed, the average price paid for a starter home in the UK is now around £219,000, meaning that, with a deposit of 10% buyers would need a salary of around £45,000 a year to get their first step on… Taylor Scott International
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