Hopes of owning a home dwindle significantly for Britons who have not secured property by middle age, new research suggests.
Among non-homeowners, 76 per cent of 25 to 34-year-olds and 59 per cent of 35 to 44-year-olds still aspire to buy.
This ambition sharply declines to 38 per cent for 45 to 54-year-olds, 20 per cent for 55 to 64-year-olds, and just 8 per cent for those over 65, according to the Yorkshire Building Society.
Despite this, nearly nine in 10 (88 per cent) people surveyed still believe homeownership is important. Tom Simpson, managing director of homes at Yorkshire Building Society, commented: "Britain hasn’t fallen out of love with homeownership – far from it."
“People still see owning a home as central to their stability, their security and their future."
“But what’s changing is belief. For too many people, particularly those who haven’t bought by their late 30s, the dream starts to feel out of reach.”
Public First carried out the survey in March and April among more than 4,000 people across the UK, including more than 1,500 people who were not homeowners.
It comes as the average UK house price increased on a month-on-month basis for the first time in four months in June, according to an index.
Property values rose by 0.2 per cent month on month typically in June, marking the first monthly increase since February, Lloyds said.
Annual house price growth also accelerated to reach 0.6 per cent in June, from 0.5 per cent in May.
Across the UK, the average property value in June was £299,330.
Amanda Bryden, head of mortgages at Lloyds, said: “House prices rose for the first time in four months during June, increasing by 0.2 per cent, compared to May.
“The typical property now costs £299,330 while the annual rate of growth also edged higher to 0.6 per cent.
“Recent price trends continue to reflect wider economic uncertainty, including the impact of global events on inflation and interest rate expectations.
“While affordability remains stretched for many buyers, mortgage rates have eased from their recent highs, offering some encouragement to those considering a move.”
This article was written by Vicky Shaw from The Independent and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.