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Britons fear they will never be homeowners
29 July 2008
Due the current economic climate, a significant number of British people think they will never be homeowners, according to a new study.
Research by moneysupermarket.com revealed that 36 per cent of British people think they will never own a property because it is too hard for first-time-buyers to get onto the property ladder.
Louise Cuming, head of mortgages at moneysupermarket.com, said: "It is deeply concerning so many people feel they will never be able to buy a house. Owning your first property used to be a rite of passage,
With lenders tightening criteria on their deals and withdrawing products many are struggling to get a mortgage and secure a property.
"The challenge is to save enough to cover the deposit, stamp duty and fees not to mention the worry of affording the mortgage. No wonder owning your own home seems to be a fading dream," added Ms Cuming.
According to the National Housing Federation, the average house price is expected to be nearly 25 per cent higher in 2013.
