[Infographic] Is UK homeownership now a thing of the past?
A new infographic released by comparethemarket.com has shown that 33% of people who don’t yet own a home think they never will.
The survey of 2,200 adults who have never owned a property, has illustrated the difficulty some people have when trying to get on the first runs of the housing ladder.
Bank of mum and dad
According to the survey, over a third of potential first time buyers rely on financial support from family to buy a property to live in. 3% plan to rely on their family to purchase their home.
Due to the rising cost of property across the country, the ‘bank of mum and dad’ has become a main way for people to save for a deposit on a home.
Buying a property
Buying a home is thought to be the biggest financial decision a person makes in their lifetime.
22% of respondents of the survey expressed concerns about owning a property and over a third said that the complex nature of buying would delay them.
Around 65% of those aged 45-54 years old believe they will never own a home, suggesting homeownership is out of reach for a large proportion of UK adults.
In order to help first-time buyers, the popular comparison website has released an informative guide help them understand the process of buying a property in the UK.
Simon McCulloch, Director, comparethemarket.com, said:
“Home ownership has always been a great British aspiration but these statistics demonstrate the challenge first time buyer’s 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.”
To access the free and online First-Time Buyer Guide, click here.