Would-be homeowners are pessimistic

A recent survey suggests that there are currently 7.5 million adults in the UK who hope to own a home, but 3.9 million do not think that dream will ever become a reality*.

High house prices was cited by 60% of respondents as being a barrier to home ownership. Meanwhile, 44% said saving for a deposit was a hindrance, and a third did not think they could afford monthly mortgage payments.

The research suggests that those with parents who own a home are more likely to follow in their footsteps. This could be due to an increasing reliance on the Bank of Mum and Dad, as 20% of 18 to 34-year-olds who are homeowners had financial help from family members.

Do you want to get on the property ladder? We’re here to help.

Your home may be repossessed if you do not keep up repayments on your mortgage.

^*HomeOwners Alliance

3 June, 2024

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