The latest research from comparethemarket.com has revealed that over 5.5 million Brits believe that they will never be able to own a home.
The survey of over 2,200 adults who have never owned a home, found that 33% of respondents believe that at no point in their lives will they own a property. This figure rises to 65% amongst 45 – 54 year olds, suggesting that a large cross section of British people have given up on the hope of home ownership.
Of those who expect to be able to afford a place of their own at some point in the future, 36% of those surveyed think that they will have to partially rely on their family for financial support to purchase a house, whilst 3% said that they will rely entirely on their family. These statistics highlight the importance of family financing for first time buyers today.
The lengthy process of buying a home also seems to be putting off many who would want to purchase a house. Over a third (39%) of respondents who expect to be able to afford a home at some point said that the complexity of the buying process may persuade them to delay or put them off buying their first home. In addition, 44% cited concerns over hidden and additional costs as a point that could put off or delay them from buying a house, 22% expressed concerns over the responsibility of owning a house and a fifth were put off by having to deal with estate agents. As many as 15% feel that they don’t have time to look into home buying properly.
To help those trying to make the life-changing step of buying a first home and entering the complex world of property, comparethemarket.com, has published a comprehensive First Time Buyer’s Guide. It covers everything from preparing to buy a home, to choosing a mortgage and understanding the many costs that they may incur. The guide can be downloaded for free here.
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.”