New research from the Halifax suggests that young adults who are currently renting don’t see home ownership as a realistic future ambition.
According to the report, 77 per cent of non-homeowners do still aspire to own their own home, but over 60 per cent believe they have no prospect of buying property.
Many believe we are moving towards the continental European model, where far more people rent. Reasons for an inability to buy include high house prices and the requirement to save a large deposit.
Stephen Noakes, commercial director, Halifax Mortgages, commented: “Our research indicates just how many potential first time buyers are not making it to the application stage because of a fear of being declined. We would like to help aspirational home buyers to realise they do have options, that they can apply for a mortgage, and that it is still possible to get onto the property ladder. At Halifax we approve eight out of 10 mortgage applications from first time buyers, and it is important that today’s potential first time buyers don’t miss out because of the fear of rejection.”
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