As many as 250,000 potential new homeowners in the UK may have given up on the idea of getting themselves onto the housing ladder in the space of just one year, a new study has revealed.
According to the findings published by HomeOwners Alliance and BLP Insurance, the number of non-homeowners who want to get themselves onto the property ladder fell for the first time in five years. It suggests that the decline in ownership that's been evident in the UK for a number of years could continue for some time to come.
When the survey was first published in 2013, almost two-thirds (65 per cent) of people who did not own a home said they aspired to. This grew year after year until 2016, when it peaked at 73 per cent. However, in the 12 months since, this number has dropped to 71 per cent.
Of those who do not think they will be able to buy, some 86 per cent said their concerns centre around the fact house prices are too high. Other concerns about the market include deposits for mortgages (85 per cent) and the supply of homes (80 per cent).
Paula Higgins, chief executive of the HomeOwners Alliance, said that this was an indicator that people are no longer simply having to wait until they are 40 to buy a home, but are instead potentially being priced out of the market altogether.
"While aspiring home owners’ concerns about house prices, saving for a deposit and housing supply grow, the change in political rhetoric around home ownership and a lack of new homes being built in the last year, plus the removal of flagship government schemes like the Help to Buy mortgage guarantee, appear to have had a negative impact on consumer attitudes," she said.
Ms Higgins also added that with the upcoming election in June, it's vital that results like these show the new government the importance of getting it right with improving the housing market.