More than half (59 per cent) of renters aged 25 to 44 say they had expected to be homeowners by this point in their lives, a survey has found.
A third (33 per cent) of renters aged 25 to 44 want to buy a home but do not believe they will ever own a home, according to the research commissioned by the Building Societies Association (BSA).
Nearly a third (31 per cent) in this age group expect to be able to buy a home within the next five years.
Raising a deposit, mortgage affordability and accessing a big enough mortgage are seen as barriers to homeownership, the BSA’s research indicated.
A lack of job security is a rising issue as a barrier to homeownership, the research found. The BSA said more people surveyed are citing this as an issue compared with two years ago.
Many mortgage lenders have recently eased their rules, potentially allowing home buyers to take out bigger loans, following moves to help people onto the property ladder.
Paul Broadhead, head of mortgage and housing policy at the BSA, said: “We can’t remove the barriers to homeownership overnight, and there won’t be a solution that enables everyone to get on the property ladder.
“But there is more that can, and must, be done, including regulatory flexibility and Government focus on long-term solutions, such as increasing housing supply.”
More than 2,000 people were surveyed by YouGov in July.
