‘In crisis’ Shocking reason why most Brits believe they will never be homeowners
Property doesn’t come cheap and most people will need to spend years saving before they can afford a place of their own. For some, getting onto the property ladder seems an impossible task and they believe they will never be able to do it, according to research by Nested.com. Two thirds of Brits now fear they will not become homeowners with most of the public agreeing it is impossible for first time buyers to get on the ladder. Not only are young people worried about buying, Brits believe this will only get worse and affect the next generation, the research showed.
Why won’t people become homeowners?
Most young people believe they will never be able to buy a property with 89 per cent stating it is an unachievable goal.
The research revealed 90 per cent of the general public think it is impossible to get onto the property ladder because of high house prices and mortgage lenders making it difficult to borrow money.
On top of that, those who took part in the study believed the property market was “in crisis” and a third of people labelled it “unsustainable”.
Parents expressed their concerns with over half of them fearing their children will never be able to get a place of their own.
Despite the public’s shocking concerns, the age a person will buy their first house has not changed since the generation before.
According to the research, buyers will make a purchase when they are 27-years-old, which is the same as it was 30-years-ago.
Ben Bailey, Nested.com spokesperson, said: “We often hear of younger people’s fears that they won’t be able to buy a home, but Nested.com’s research shows that the dream of home-ownership is still within their grasp.
“At 27, the first-time buyers of today are exactly the same age their parents were when they took their first steps on the property ladder 30 years ago.”
Buying a property is not a cheap or easy task so a house which is selling for a low price is sure to turn heads.