Property ownership ambitions dying in Britain as 52% believe they’ll never buy home | Personal Finance | Finance

Less than half of people who dream of owning a home believe they will ever be able to, according to a survey. Most of these hopeful first-time buyers (73 percent) revealed that their parents already own their properties.

The majority (71 percent) of those surveyed who don’t currently own a home wish to get on the property ladder despite more than half (52 percent) feeling it’s something they’ll never achieve. High house prices and saving for a deposit were cited as the biggest obstacles.

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

She went on to express her hope that future policy might focus on homebuilding and supporting first-time buyers. The survey by Opinium was carried out in January 2024 and included answers from 2,000 UK dwellers.

Reciprocating this sentiment, a spokesperson for the Department for Levelling Up, Housing and Communities declared: “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.”

In November last year, it was reported that first-time buyers were losing confidence that they will meet their homeownership goals, after a difficult 12 months navigating rising costs and mortgage market uncertainty.

A biannual study, of 1,000 aspiring homeowners in the UK, found that while 35 percent feel optimistic about becoming a homeowner, this had fallen from 42 percent in November 2022.

Almost six in 10 (58 percent) said they have pushed back their home-buying goals, and were planning to buy later than previously hoped. And just one in 10 believed they will be able to buy within the next 12 months – down from 35 percent in November 2022.