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Homeownership `To Continue To Fall`

Date Added 14/11/2014

Homeownership levels in the UK are likely to fall in the near future, according to new research.

A poll carried out by Ocean Finance has revealed people aged between 25 and 34 are increasingly pessimistic about their prospects of buying a property. Close to half (46 per cent) of the people in this age group said they do not expect to ever become a homeowner.

In total, only 28 per cent of the individuals surveyed revealed they think they will buy their own home in the future. Interestingly, 32 per cent of respondents said they are happy to continue renting and have no interest in homeownership.

However, the survey did find a higher level of optimism among people under 25. More than half (54 per cent) of this age group said they would like to buy their own home and believe they will be able to do so at some point.

Older individuals are much less confident about their prospects, with only four per cent of over-55s who do not have their own property expecting to be able to buy.

Ocean Finance spokesman Ian Williams stated: "Homeownership is already at a 25-year low and our survey suggests that this figure is likely to continue to fall. While four in ten people still say they`d like to own a property one day, they already seem resigned to not being able to do so."

The organisation pointed to rising house prices, particularly in London and the south-east, as one of the prime factors in reducing homeownership levels. It said the average 25 per cent deposit on a property is now £68,000, which is more than twice the typical person`s income.

Ocean Finance also claimed it has become harder for house hunters to access mortgages and the higher cost of living makes it difficult to save.

@ Source Gary Whittaker Rentman
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