Conducted by the Halifax, a recent survey has shown that only 14% of non-home owners aged between 20 and 45 are saving for a deposit.
Half of those surveyed within this age bracket believe that, within a generation, Britain will cease to be a nation of homebuyers and become a nation of renters.
The mortgage director at Halifax, Stephen Noakes, summed up the situation by commenting that ‘Young people are still downbeat about their chances of owning a house, and we’re also seeing the impact this has on their parents’ financial future. Parents think that their kids could make cutbacks on holidays and going out in order to save for a deposit. However...parents continue to stump up a contribution.’
The major stumbling blocks for potential first-time buyers were found to be the high price of houses, decreased job security and the size of a deposit.
Increased assistance from friends and family indicates that independent finances are currently insufficient for many who are trying to take their first step onto the property ladder.
With an unstable economic climate creating an atmosphere of risk, only 31% of surveyed respondents had a serious intention to buy within the next five years.