More young people abandon dream of home ownership
Growing numbers of young people are abandoning the idea of ever owning their own property as a result of high house prices and years without real-terms wages growth, a new report claims.
Recent figures by the Resolution Foundation revealed that up to a third of ‘millennials’ face living in private rented accommodation all their lives.
Now a separate study has found that people are currently more concerned about property prices and housing availability than at any point in the last five years.
Research by YouGov found that 83 per cent of people now consider existing house prices a ‘serious’ problem, up from 77 per cent five years ago – despite the fact that asking prices are currently falling, according to Zoopla.
The results of the study reveal a worsening picture for those wanting to get a foot on the property ladder.
Among aspiring first-time buyers, the proportion saying house prices (86 per cent) and saving for a deposit (87 per cent) is a serious problem is up over the past year.
Those looking to buy property in the capital have been hit harder than most, with 90 per cent of Londoners surveyed saying house prices are a serious problem, up from 84 per cent in 2014.
And 77 per cent of respondents say availability of housing is now a major concern, up from 69 per cent in 2014, according to the survey for the HomeOwners Alliance.
The quality of homes was also identified as a growing issue, with 57 per cent of adults saying it is a serious problem up from 52 per cent in 2014.
Paula Higgins, chief executive of the HomeOwners Alliance, said: “The housing sector in the UK is on its knees.
“There’s a shortage of building, a constant stream of stories surrounding poor quality and unfair deals for homeowners, a lack of social housing, rising homelessness and a leasehold system that is dangerously broken.”