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5.5 million Britons believe they will never own their home, says poll

Published 28/09/2016

More than 5.5 million Britons believe they will never be able to own their home, a poll of thousands of adults concluded
More than 5.5 million Britons believe they will never be able to own their home, a poll of thousands of adults concluded

More than 5.5 million Britons believe they will never be able to own a home, a survey has found.

A poll of more than 2,200 adults who do not own a property found that 33% believe this will remain the case for the rest of their lives, with the figure rising to 65% of 45 to 54-year-olds, Comparethemarket.com found.

Of those who do expect to buy a home at some point, 36% think they will have to rely partly on their family for financial support and 3% expect to rely entirely on their family.

More than a third of those who expect to be able to afford a home at some point (39%) said the complexity of the buying process could lead to them delaying or putting off the decision.

Some 44% said concerns over hidden and additional costs could put them off, 22% expressed concerns over the responsibility of owning a house and a fifth were put off by having to deal with estate agents.

Comparethemarket revealed the figures as it published a free First Time Buyer's Guide with information on preparing to buy a new home to choosing a mortgage and understanding the costs of becoming a homeowner.

Simon McCulloch, director of comparethemarket.com, said: "Home ownership has always been a great British aspiration but these statistics demonstrate the challenge first-time buyers face in making that dream a reality.

"Whilst prices remain very high, it is clear that this isn't the only hurdle. The whole buying process is intimidating, particularly to first-time buyers.

"Fears around hidden fees, dealing with estate agents, lawyers, surveyors and mortgage companies are real and strong enough to put off people from trying to make a purchase.

"We hope that our First Time Buyer's Guide will help those trying to make sense of the system."

:: YouGov surveyed 6,619 adults of whom 2,253 have never owned a home, online between September 19 and 21.

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