Brits are giving up on their dream of owning a home, says HomeOwners Alliance

26 February 2024 , 09:52

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Less than half of aspiring first-time house buyers expect their dream to become a reality (Image: PA Archive/PA Images)

Less than 50% of people who want to get on the property ladder believe their dream of owning a home will happen, a new study shows.

The survey for the HomeOwners Alliance found that 73% of these hopeful buyers have parents who own their home, but they don't think they will follow in their footsteps.

The survey found that 71% of people who don't own a house want to buy one, more than half feel it's out of reach. They say the biggest problems are the high cost of houses, saving enough money for a deposit, being able to pay a mortgage every month, and getting a mortgage in the first place.

Paula Higgins, who runs the HomeOwners Alliance, said: "Brits are giving up on their dream of homeownership, our damning survey reveals. With the upcoming election, a key issue will be how the parties plan to build more homes and provide much-needed support to first-time buyers."

In January 2024, Opinium asked 2,000 people from all over the UK what they thought. A spokesperson for the Department for Levelling Up, Housing and Communities said: "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."

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"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."

Lawrence Matheson