75% of Brits fear they’ll never own own home

75% of Brits fear they’ll never own own home

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As house prices continue to rise, three-quarters of people in the UK admit to worrying that home ownership is an impossible dream. That’s according to a recent report poll that shows that the average house price in England has surpassed the £300,000 mark.

Is home ownership out of reach?

New research shows that three-quarters of people worry that long-term homeownership is out of reach. Members of generation X, now aged between 37 and 50, and generation Y, aged between 15 and 36 were most concerned about these developments. The poll by Ipsos/Mori for the housing charity Shelter found that annually 25 to 34-year-olds move homes twice as much as pensioners.

In addition, according to the property website Rightmove, the average house price across the country has passed the £300,000 mark, increasing from £299,287 in February to £303,190. To make matters worse, the UK is still well short of the estimated 250,000 new homes needed each year to meet demand.

With asking prices jumping by more than £100,000 over the last decade, generation Y will struggle to buy their own homes. New record figures in six regions of the UK show that typical house prices have risen to £177,437 here in the North West, a staggering £644,045 in London, £292,251 in the South West, £399,680 in the south-east; £326,836 in east England and £204,140 in the West Midlands. Some graduates in London are even turning down jobs in London because they can’t afford accommodation in the city.

The nation’s housing system is ‘broken’

Campbell Robb, chief executive of Shelter, said the nation’s housing system was ‘broken.’ Talking to the Guardian, he said: “The fact that vast numbers of people fear their grandchildren will never have a home to put down roots highlights the sad truth that this country is once again at the mercy of a housing crisis.

Our current housing shortage means millions are facing a lifetime of instability and, understandably, people are giving up hope. But if our history tells us anything, it’s that together we can make things change. For the sake of future generations, we cannot make this crisis someone else’s problem.

Acumen can help you to get on the property ladder

Acumen are able to offer mortgage advice to match your specific requirements. As independent financial advisers we have access to the whole mortgage market and also use state of the art mortgage sourcing software to match your needs. We can explore different mortgage terms, fixed rates, tracker rates, offset deals, repayment and interest to ensure you get the right mortgage and own that dream house.

To discuss your mortgage choices with one of our dedicated team, please contact us today on 0151 520 4353 or email info@acumenfinancial.co.uk.

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