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Would-be homebuyers 'pessimistic'

More than half of young adults who are not on the property ladder believe they will never be able to afford a house, new research has suggested.

A survey conducted by Post Office Mortgages found 53% of would-be homeowners aged 25 to 34 were pessimistic about their chances of ever buying.

The study also found that the average age at which a non-homeowner believes they will be able to buy a property now stands at 35.

The online survey of 700 people not on the property ladder found 50% of 25 to 34-year-olds said they would not be able to afford a deposit unless their circumstances changed.

Women who do not yet own property are more optimistic than men, expecting to buy a home at an average age of 34.

Men in a similar situation do not think they will purchase property until a typical age of 37.

Mike Cook, head of mortgages at Post Office Mortgages, said: "Many would-be first-time buyers may have been put off trying to get on to the housing ladder by the size of deposits now needed.

"And some may be deterred by their perception of high mortgage repayments."

But he added that there were very competitive options available on the market for people keen to own a first home.

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