Over a third of Brits think they will never be homeowners

The spiralling cost of living and scarcity of affordable mortgages has led to millions of people abandoning the idea of home ownership.

An astounding one in four people believe they will never own their own home even though they would love to do so, according to research from price comparison site moneysupermarket.com. A further one in nine (11 per cent) say they will never own a property through their own choice. In total, over a third (36 per cent) of people think they will never own a property.

Louise Cuming, head of mortgages at moneysupermarket.com, said: "It is deeply concerning so many people feel they will never be able to buy a house. Owning your first property used to be a rite of passage, but nowadays the challenge is to save enough to cover the deposit, stamp duty and fees not to mention the worry of affording the mortgage. It is no wonder owning your own home seems to be a fading dream.

"With Sir James Crosby reporting on how to stimulate the mortgage market, our research is a stark reminder of the effect of rising inflation and of the difficulties getting a mortgage. For home ownership to be ruled out by so many people has dire consequences for the property market. We need to see first-time buyers returning, so we await Sir James's final report with bated breath."