UK Money News
29th July 2008
Brits giving up on home ownership
Millions of Britons have abandoned the idea of home ownership, as conditions for buyers continue to worsen.
In a poll conducted by moneysupermarket.com, one third of those polled said they think will never be home owners.
Of these, 25 per cent had given up on owning a home but would still like to if they had the opportunity.
Meanwhile, 11 per cent said they will never own a property through their own choice.
The grim sentiment revealed among potential buyers is thought to have been fuelled in part by the recent lack of availability of mortgage finance, as lenders continue to shore up their lending criteria.
Louise Cuming, head of mortgages at moneysupermarket.com, said: "It is deeply concerning so many people feel they will never be able to buy a house.
"Owning your first property used to be a rite of passage, but nowadays the challenge is to save enough to cover the deposit, stamp duty and fees not to mention the worry of affording the mortgage. It is no wonder owning your own home seems to be a fading dream."
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