Less than half (48%) of aspiring first-time buyers expect their homeownership dream to become a reality, according to a survey.
Nearly three-quarters (73%) of people who want to get onto the property ladder said their parents own their own home, the research for property advice website the HomeOwners Alliance found.
Seven in 10 (71%) people surveyed who are not homeowners said they want to get onto the property ladder, despite 52% of them believing they will never be able to achieve this.
The top barriers include high house prices (60%), saving for a deposit (44%), the ability to afford monthly mortgage repayments (33%) and the ability to get approved for a mortgage (31%), the survey found.
Paula Higgins, chief executive of the HomeOwners Alliance said: “Brits are giving up on their dream of homeownership, our damning survey reveals.”
She added: “With the upcoming election, a key issue will be how the parties plan to build more homes and provide much-needed support to first-time buyers.”
Opinium surveyed 2,000 people across the UK in January 2024.
A Department for Levelling Up, Housing and Communities spokesperson said: “Supporting young people to own their own homes is a priority, and since 2010 we have helped over 860,000 households purchase a home through Government-backed schemes and have delivered 2.5 million homes.
“Through our long-term plan for housing we remain on track to meet our manifesto commitment to build one million homes this Parliament, backed by £10 billion investment, including an additional £11.5 billion in the affordable homes programme, and just last week announced a renewed focus on brownfield land to deliver more of the homes this country needs.”