Property News > 250,000 of Aspiring Home Owners Give Up on Dream

250,000 of Aspiring Home Owners Give Up on Dream

Over a quarter of a million non-home owners in the UK believe they are unable to afford their own home and as a result, have given up on the dream of owning their own property. Unsurprisingly, the top concern is pricing.The drop in the number of non-home owners aspiring to own their own house is the first in half a decade. Data recorded by HomeOwners Alliance and BLP Insurance reveals that in 2013, 65% of non-home owners desired to buy their own place and this number continued to rise year on year, peaking at 73% in 2016. However, now, that number has fallen to 71%. Whilst this may only be 2%, that number equates to approximately 253,166, over a quarter of a million who have given up the dream of owning their own home in the past year.House prices, saving for a deposit and availability of homes are among the top concerns and such issues are only worsening as time goes on. 86% of aspiring first time buyers highlight house prices as their main concern, a 3% rise on last year. Further to this, 85% claim saving for a deposit is also a serious problem, up 1% and rising 2%, 80% hold concerns about the availability of homes.The survey reveals that concerns are rising in almost all areas of the country with aspiring buyers in London the most concerned. 87% of those in the capital and Wales are worried about house prices, with 85% of those in East England holding the same qualms. In London, 81% are worried about supply and in the South West, slightly more at 82%, are also concerned about the lack of supply. In Yorkshire and the Humber and Northern Ireland, some 68% are concerned about mortgage repayments.Actually making the step onto the property ladder is a major concern for almost all aspiring home owners, with 89% highlighting this is a major problem, a 7% rise on last year. Further to this, the findings also revealed that at 4.5%, the rise in average house prices far outweighs the 2.6% average rise in earnings. That said, it’s not all bad. The research does show that concerns such as negative equity and the ability to the move up the housing ladder are decreasing. Now, just 42% of UK adults hold concerns relating to negative equity, compared 44% in 2016, 49% in 2015 and 64% in 2014. In addition to this, the number of those concerned about being able to move up the ladder decreased some 4%, to 58%.The findings show that the housing crisis across the UK is worsening and as a result, people are becoming more and more reluctant to step onto the ladder. People are completely scrapping the idea of owning their own home and a number of issues are having an effect. Admittedly, house prices and deposits are two major issues but the changing political rhetorical around home ownership, targets regarding new homes failed to be met and the removal of Government schemes such as the Help to Buy mortgage guarantee are having an untold effect.Now, people no longer feel as though owning their own property is a possibility and concerns in almost every aspect of the housing market appear to be growing. It is vital that the new government addresses such issues.

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