More young people giving up on homeownership

The ever-growing gap between incomes and house prices continues to rocket, leaving a rising number of young people giving up on the idea that they will ever own their own property.

According to research from the Halifax, 48% of 18-34 year olds feel it is harder than ever to get a foot on the housing ladder. In fact, 25% of people in this age bracket feel the only way they will make it onto the ladder is if they inherit the money.


One in five questioned said that homeownership is a thing of the past. This adds weight to the theory that many people are giving up on owning property and instead renting for more long-term periods.

80% said that the lack of affordability was their main barrier to homeownership, with 14% saying they will rent forever.

Deposits remain unrealistic for 52% of tenants asked and the average age of those buying their own home has risen to 30.


Overall, the average deposit put down for an average first-time buyer is £32,321. This figure rises to £100,445 in London!

By region, average house prices as shown in the Halifax research are:


South East-£272,777

South West-£200,465

East Anglia-£196,367

West Midlands-£159,732

East Midlands-£153,779

North West-£144,367





Northern Ireland-£115,269

Martin Ellis, Housing Economist at the Halifax, said: ‘Even with the highest number of first-time buyers in the last decade in 2016, many young people still feel they are running financial gauntlet-saving for a deposit, finding an affordable property in the right area and managing to fund living in the meantime.’


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